Income tax query

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63 Points Posted on 26 February 2020
my client filed income tax return for the a.y 2017-18 while declaring income in 44Ad section and he has not filed return for the a.y 2018-19 and his turnover is rs 95 lacs (ecs) and we have received income tax notice for filling of return u/s 142(1) pls advise me
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On 26 February 2020 at 14:20 Report
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This discussion addresses a client who received an income tax notice under section 142(1) for AY 2017-18, having previously used the 44AD presumptive tax scheme. The client also failed to file their return for AY 2018-19. Advice suggests filing a response to the 142(1) notice, potentially still utilising the 44AD scheme if applicable, or filing a normal ITR with accounts if the 44AD deadline has passed for AY 2018-19. Prompt action is crucial to avoid ex-parte assessment.

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CFO- at NHTF
58280 Points Posted on 26 February 2020
File ITR in response to notice u/s 142(1) and notice number and date and file ITR and pay taxes
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On 26 February 2020 at 14:29
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Profession
28271 Points Posted on 26 February 2020
Complete your accounts get it audited.
file your it return immediately.
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On 26 February 2020 at 16:28
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63 Points Posted on 26 February 2020
Sir pls considered 44ad(4)
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On 26 February 2020 at 16:31
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Profession
28271 Points Posted on 26 February 2020
Since its assesment year 18 19.
time limit expired...
So file return U/sec 119 2(b)
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On 26 February 2020 at 17:02
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CFO- at NHTF
58280 Points Posted on 26 February 2020
The notice received is 142(1) .So the reply must be unresponse to 142(1) and also file under 44AD if it permits since you opted for presumptive taxation for earlier year
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On 26 February 2020 at 17:29
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63 Points Posted on 26 February 2020
Firstly i give reply or file return declaring 44ad
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On 26 February 2020 at 18:28
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CFO- at NHTF
58280 Points Posted on 26 February 2020
It's both at a time.

ITR form instead of 139 it should be 142.

and Tax computation under 44AD
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On 26 February 2020 at 19:50
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63 Points Posted on 26 February 2020
As per your reply file return in response to 142(1) declaring 44ad scheme and deposit tax accordingly
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On 26 February 2020 at 19:53
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Partner
246 Points Posted on 26 February 2020

You should e-file ITR u/s 142(1)(i) quoting notice no & date. You may file ITR u/s 44AD.

Lastly you should file online reply to notice quoting ITR filed acknowledgement no. Hope matter is clear.

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On 26 February 2020 at 19:54
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Profession
28271 Points Posted on 27 February 2020
Nandakumar
time limit has expired...
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On 27 February 2020 at 21:28
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17269 Points Posted on 28 February 2020
File return in response to Notice 142(1).

Audit not required as turnover is 95 lakhs

For 44AD I think return should be filed on or before due date of filing ITR.

44AD might not be availed. pl re-check. So normal ITR with BS and PandL Accounts .

This too within time limit specified in 142(1) notice. Failing this your case will go for 144 - ex party assessment. (best judgement)
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On 28 February 2020 at 14:32

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