For AY 2014-15 I received notice from IT - Notice u/s 139(9)of Income Tax Act, 1961.
I am a salaried person with losses in F & O Trading, I filed the same in ITR 4. But I received a notice from IT stating the below. I don't know how to proceed on this. Please guide.
Error Code 32 - Tax Payer has claimed loss under the head “Profits and gains of Business or Profession”; however, he has not filled Balance Sheet and Profit and Loss Account and has
not got the books of account audited.
Probable resolution - Taxpayer has claimed loss under the head profit and gains of business or profession, however he has to fill Balance sheet and Profit and Loss account. Incase assessee's falls under section 44AD assessee also has to get his books of account audited if his income is less than 8% of the gross receipts.
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