Dear all - I have recieved a rectification notice under sec 139 (9) for AY 12 -13
Background - Salaried professional also trading in F&O. Return filed using ITR4.
Error codes:
1. error code 30 - "In schedule BP, assessee claiming expenses equal to the business income". All fields are taken automatically from the file
Field 1 - Item 51d from Part A of P&L
Field 2i - I had a loss in day trading, I have identified it here
Field 23 - Should I fill this with my salary numbers? Its part of form 16 and I have detailed it in other places
2. error code 14 - "Assessee entering negative amount in gross profit or net profit". Further it mentions " Assessee is entering negative amount is gross profit or net profit without giving details in Part B of P and L. In Sl. No. 51b and 51d. I have mentioned the detail in the Sl no 51b and 51d.
3. 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 have not maintained book of accounts so not sure why they are asking for these details.
4. error code 32 - "Assessee 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". The total trading turnover is less then 2 lacs, I guess audting is not required.
Please help me as I am not very sure what to do and my tax consultant is on vaccation.
CAclubindia
