rishabhsharma (Article Assistant) (140 Points)
29 May 2019Hello,
One of my client has income from 1 business( Loss from F&O Trading) and 1 profession.
For profession he is opting presumptive taxation u/s 44ADA.
So can i fill normal profit and loss account for business and No account case for income u/s 44ADA?
or i have to fill only profit and loss account for both business and profession?
Please guide me.
Thank You.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160322 Points)
Replied 30 May 2019
"Can i fill normal profit and loss account for business and No account case for income u/s 44ADA?"
YES.
Nikhil Kaushik
(Fellow CA)
(84838 Points)
Replied 05 June 2019
you would most probably end up getting a 139(9) notice. So tread cautiously
rishabhsharma
(Article Assistant)
(140 Points)
Replied 05 June 2019
we have already received notice u/s 139(9).
so now we don't know how to handle this thing.
i have uploaded updated X M L with P&L account and No account case.
ill update here once i received any reply from deptt.
Nikhil Kaushik
(Fellow CA)
(84838 Points)
Replied 05 June 2019
Your boss doesn't know how to file the return?
rishabhsharma
(Article Assistant)
(140 Points)
Replied 13 June 2019
Hello All,
I have received intimation u/s 143(1) and deptt has aproved refund.
Thanks for your help...
Mansi Saini
(Other)
(161 Points)
Replied 13 June 2019
It proves that CPC has accepted normal P&L account declaration of F&O business with 44ADA declaration for professional income.
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