I have a business of Computer repairing.
Gross Receipt : 4,92,000
Gross Profit : 4,50,000
Net Business Profit : 3,18,500
FD interest Income : 1,66,500
LTCG (Filled Schedule 112A) : -10,500 ( Loss )
I filed ITR 3 with "No account case" option and " Declairing income only uder 44AD/44ADA/44AE " - NO option
Business code opted : 140008
Now I have got a defective return notice u/s 139(9) that :
| Taxpayer is offering Income under the head Profits and gains from Business or Profession. Hence, as per the provisions of Sec.44AA, the taxpayer is required to maintain books of accounts. However, as seen from the return, the taxpayer has not filled up Part A of the Profit and Loss Account and Balance Sheet. Further, income from business has not been offered under presumptive taxation, if eligible. |
Please suggest me how should I rectify the defect.
Can I change now the option for "Declairing income uder 44AD/44ADA/44AE " - YES and
Fill up the "COMPUTATION OF PRESUMPTIVE INCOME UNDER 44ADA" at serial no 62 of P/L tab ?
What would be the best for me ?
Thanks in advance !
CAclubindia
