We have submitted ITR on presumptive income basis, without P/L and B/S. No accounts were prepared. Now have received notice u/s 142(1) asking for P/L and B/S. My query is:
yeh valid hai. Section 142(1) ek inquiry notice hai jo Assessing Officer ko yeh power deta hai ki wo assessee se koi bhi details, accounts, documents ya information maang sake jo assessment ko complete karne ke liye zaruri ho.
Chahe aapne ITR 44AD mein presumptive income pe file ki ho (jahan pe detailed books maintain karna mandatory nahi hai), lekin agar officer ko lage ki income ya turnover ka verification karna zaruri hai, toh wo P&L aur Balance Sheet maang sakte hain.
U/s 44AD, Tax Audit is exempted. but you have to keep all the records in handy .
Chirag P Shah & Co. Chartered Accountant
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