Hello,
I have filed ITR-3 having Business Income of 2,91,000/- (including income from Firm of Rs. 1,41,000/-) and i have selected "44AA Books of Accounts as NO" and shown Income & Balance Sheet items in No Accounts Case & received the below Notice.
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.
What is the probable solution to rectify the return?
CAclubindia
