Assessee got notice u/s 142(1). What to do suggest.
Fact: The assessee did not file his return of income for the AY 2017-18. He was working as a commission agent but he has a trade license where business nature is "whole sale of rice".
Now in the FY 2016-17 total cash deposited in the account was 1.5 crore. The assessee said that he took rice order from one place and send it to another place. After delivery of the rice, party deposited 5 lakh in cash each time to assessee's bank and the assessee paid to rice mill 4,95,000. His profit was only 5000 per transaction. Assessee was a 20 year boy. he was doing business for family after his father was died. now he is doing nothing only studying. what to do now.
No options but to comply with notice and file return for AY 2017-2018.
Assessee's personal profile such as age study father deceased etc are irrelevant.
CAclubindia
