Notice u/s 139(9)of income tax act, 1961

Page no : 5

Miss Rinkal (Student) (1309 Points)
Replied 27 October 2015

No you can incorporate the same in response to the notice u/s 139(9) itself. Make sure that salary income is not changed resulting unto reduction of income without any proper reason as you might have to face scrutiny assessment. It should not be such that it results in concealment of income also as the same would be facing penalty provisions. 

Refer form 16 and 26AS before filling salary details. Record the details of salary accordingly

Zoom Zoom (25 Points)
Replied 27 October 2015

It is resulting in increase of income. Do I still face the threat of scrutiny.


Miss Rinkal (Student) (1309 Points)
Replied 27 October 2015

No as far as you have sufficient proof to prove the AO, it doesn't result in scrutiny. Also if the income details match with form 26AS, it does not result in scrutiny. Not all the time it happens that your case goes for scrutiny.

Even in some cases, where no mistake is made by assessee, the case may get selected for scrutiny. You need not get scared by it because it is just a detailed assessment undertaken by AO. 

No need to fear. Just file the return with correcting the defects and update salary details as well. 


Zoom Zoom (25 Points)
Replied 27 October 2015

Thanks,

Just one last query, is there any place in ITR4 for section 44AD where i need to mention this income.

 

Thanks


Miss Rinkal (Student) (1309 Points)
Replied 27 October 2015

Kindly elaborate as to what did you mean?

Miss Rinkal (Student) (1309 Points)
Replied 27 October 2015

If you mean where to show 44AD income then that will be shown bp schedule. Column 34 needs to be filled


Zoom Zoom (25 Points)
Replied 27 October 2015

Hi, Under schedule BP. Do I need to mention my intraday income under this head?

"Profit or loss included in 1, which is referred to in Section . 44AD/ 44AE/44B/ 44BB/ 44BBA/ 44BBB/ 44D/ 44DA Chapter-XII-G/ First Schedule of Income Tax Act"

 

So summarizing, I will need to fill no accounts in P&L and Balance sheet. Also I will have to show speculative income in schedule BP. and I will also need to show this income under the above head.

correct me if im wrong.


Zoom Zoom (25 Points)
Replied 27 October 2015


Zoom Zoom (25 Points)
Replied 27 October 2015

Hi I have attached the screenshots of the schedule BP. Want to show my speculative income as 2000 under 44AD, but there are some negative values showing up. Can you comment on where I might be going wrong.

 

Thanks


Miss Rinkal (Student) (1309 Points)
Replied 27 October 2015

No your final amount in D, it will show a positive amt. Whatever you have filled is correct


Miss Rinkal (Student) (1309 Points)
Replied 27 October 2015

The negative values appear because it is not a regular business and is a speculative business. Hence reversed. The same is shown in speculative business. Refer B


Zoom Zoom (25 Points)
Replied 27 October 2015

Hi can you go through this thread, here they are mentioning something different.

https://groups.google.com/forum/#!msg/echange-professionally/6eZE1RLgjZI/b_tjjZbRqwEJ

Thanks

 


Miss Rinkal (Student) (1309 Points)
Replied 27 October 2015

I m not getting anything. Kindly post the details here.

Also in column D did you get the figures as 2000 or not. 


himansh (student) (26 Points)
Replied 01 March 2016

Hi Chandra Prakash can I have your conatct details I am also in same trouble



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