Notice under section 139(9) of income tax

ITR Filing 6493 views 2 replies

NagarajanS

Others

41 Points Posted on 03 April 2014

Hi,

I have filed my return using ITR form via online for AY2013-14. I have received notification mail from IT department saying below items need to corrected and submitted within 15 days.

Error code 23 - Where assessee furnish total of amount deducted in Sl.no.2,3,4 and 5 of Schedule BP should be consistent with Total credits in the P and L Slno.5

Error code 14 - Assessee entering negative amount in gross profit or net profit.

I am using ("No Account Case") since my income level in less than 10L and I left this columns blank while filing my returns.

Kindly let me know how to correct this details.

Details from my ITR excel

Error code 23 - Where assessee furnish total of amount deducted in Sl.no.2,3,4 and 5 of Schedule BP should be consistent with Total credits in the P and L Slno.5

I left all the columns 0 since using No Account Case

Error code 14 - Assessee entering negative amount in gross profit or net profit (income Rs. 3931 and expenses Rs.35902)

a	Gross receipts	51a	3931
b	Gross profit	51b	3931
c	Expenses	51c	35902
d	Net profit	51d	-31971

Thanks in advance

Nagarajan

Replies (2)

Guest

Error code 14:This error is generated because of 44AD. It is assumed that the profits should be 8% ( and not a loss) when the turnover is less that 1cr and when the net income exceeds the maximum amount not chargeable to tax.

No idea why error code 23 comes.

I got the same error codes for one of my clients. In his case the turnover was nil( so, no question of 8%) and there were bank charges. So, there was net loss. But he had other income under 'other sources' head, so, net income exceeded 2L.

Pl see : Link

/forum/error-code-23-and-14-285019.asp#.Uz5UGKiSx-c

CA Ankita Karia

100 Points Posted on 05 April 2014

hi,

Even I have received same notice with error codes 14 & 23. As read in few queries, audit in case of F&O trading, my query is on what basis do we say it is covered under audit? what is the turnover on which 8% should be declared? As in case of tax audit, if profit & loss(absolute value) crosses the audit limit, say 1Cr, only than it is covered under 44AB. Again if we are considering the turnover, than I have come across many clients whose turnover crosses 1Cr but their profit/loss (net) is not more than 10000/-, so here in this case their turnover is more than Rs. 1Cr, but absolute value of p/l is less than 1Cr. so nor they are covered in 44AB nor 44AD as turnover more than 1Cr.? Pls guide what should be done in such case??

Thanks

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