Dear Sir, I am in profession of teaching and self-employed. I take private coaching. My Gross receipt is around 9 lakh and I have shown 50% of that as my gross profit. Also I have sold a flat and earned a capital loss. So i have filled ITR 3.
Now I got following mail from income tax department:
| S.No. | Defect | Impact | Suggested Resolution |
|---|---|---|---|
| 1 | Income from "Profits and Gains from Business or Profession" is greater than 1.2 lakhs but particulars as in "Balance sheet/Profit &. Loss Account" are not filled | Income Tax Return may be treated as defective if particulars in "Balance sheet/Profit &. Loss Account" are not filled | Please fill Balance sheet/Profit &. Loss Account |
I was not mainitng any book of account. I have filled "Profit and Loss" sheet ( point 53(ii)) with Gross receipt of Rs 9 lakh and Gross profit of 50% of that. Also I have filled PartA-BS (point 6) with all entry zero.
Please suggest me what should be done now.
CAclubindia
