Dear Sir/Madam,
In FY 2014-15, I had loss about 5 lakhs from intraday share trading and less than 1 lakh income from Salary + Bank Interest. I filled ITR4 form against which I got IT notice under section 143(2) for Limited Scrutiny. I have submitted my proof of loss but this is pending from IT dept side.
In the FY 2015-16, my total income is around Rs. 5 Lakhs including consulting fee under 194J. I filled the ITR4 for this year as well but I got Notice u/s 139(9) in absence of entries in balance sheet. I replied to notice with “Not Agree” citing reason that I have no consultancy firm and it is single job which I am doing and getting salary but under 194J. Further response from IT dept is still pending.
Now in the FY 2016-17, my income which is around 7 lakhs, is again under 194J. So can fill ITR 4 now (ITR 4S in previous year)? In that form can I show total earning as 7 lakhs and some amount e.g. 1-2 lakhs as expenses for providing consultancy? Can the question arise that why you are showing expense when in last year ITR I have given explanation that I am not working as consultancy firm but kind of salaried employee??
What best should I do with good intention?
Thanks for your time and possible reply.
CAclubindia
