5 Points
Joined April 2017
WE HAVE SHOWN INCOME U/S 44AD FOR THE AY 2016-17. WE HAVE SHOWN TURNOVER OF RS. 1025100 AND PROFIT IS SHOWN @ 24.03% i.e MORE THAN 8% WHICH IS AS PER THE LIMIT PRESCRIBED U/S 44AD. WE HAVE RECEIVED NOTICE U/S 139(9) OF ITA, 1961 TO FILE BALANCESHEET & P&L ACCOUNT. BUT ACCORDING TO SECTION 44AD THERE IS NO NEED TO MAINTAIN BOOKS OF ACCOUNTS IF THE TURNOVER IS BELOW 1 CRORE AND PROFIT IS SHOWN @ 8% OR ABOVE. SO WHY HAVE WE RECEIVED THIS NOTICE U/S 139(9)?? PLEASE PROVIDE US THE SOLUTION OF ABOVE MENTIONED QUERY.