For the AY 2020-21, for my client who has Income from bank kiosk, common service center & insurance commission I have filed under "Non specified profession - without books of accounts" (obviously without balance sheet and p&l)
Recently he received a defective notice that "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" and asking to submit a balance sheet and P&L.
This is how I have been filing for him for the past 3 years and we have never had this issue before. My client's income is less than 4 lakhs.
Wondering how and why this popped up.
Please suggest what to do..
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Replies (7)
Quick Summary
Same problem with my brother also. Kindly advise.
You have to prepare balance sheet and Profit & Loss Account and file ITR-3.
Go for itr 4 as section 44AA amended
But agency commission and brokerage business is not eligible under section 44AA
Agreed with raghavendra ji.
For 3 years you had been doing it wrong Noor. why do you consider your client a professional? i think he is doing business. draw out simple balance sheet and p&l and on that basis file another return
If you do away with balancesheet, populate true and fair view of his assets and liabilities. It is hard practically as clients do not co-operate
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