I have filled return in Itr3 under 44 AB with turnover over 1 cr and net profit more than 9 percent but audit not done and I also having income from sell of mutual fund that is short term capital gain . now I received notice under section 139(9) to do audit and file return again.
what should I do?
can I rectify return and revise under 44 AD
PLZ SUGGEST
You may file revised return ITR3 and show business income under 44AD . If it goes through, you are lucky .
However as per tax provisions, you are required to opt 44AD at the time of filing original return.
You must have, I suppose, selected 44AB in ITR.
File revised return keeping in mind above. Discuss with your tax consultant about this in detail. File before date as per Notice.
CAclubindia
