Response to notice u/s 139(9)

/experts/notice-u-s-139-9--1321964.asp

Refer link above, it states that "Give a return application to your Assessing Officer, Saying the same reason". can anyone advise where can I provide this reason?

I am convinced this is part of effort by the finance ministry to somehow avoid making refunds, raising additional demands or at the very least delay refunds for as long as they can (on some pretext or the other) so that the poor state of govt finances can be hidden from public. But foolishly, the govt is ending up targetting people who usually pay their taxes to the last rupee.

But this is hardly a consolation for us. We all are looking for some solution - the only one that has emerged so far is 1. Get the accounts audited (but what is there to audit when all bills issued by broker are available). 2. Refile the same return and buy some more time.

Thanks anyway.

/experts/notice-u-s-139-9--1321964.asp

Refer link above, it states that "Give a return application to your Assessing Officer, Saying the same reason". can anyone advise where can I provide this reason?

Thanks Anil for the link about 44AB & 44AD, according to which 44AB applies back on you if there is loss or profit is < 8% or turnover, will re-check this with my CA. Can you please share which additional form was filled as part of the audit?

https://trak.in/tags/business/2012/07/09/tax-return-filing-futures-options-fo-trades/

Compliances in case of Profit & Loss

If there is a loss in F&O, here provisions of section 44AD will apply and accordingly audit of books of accounts will also be required. The provision of this section mandates disclosure of at least 8 % of net profit on the gross turnover.

So, in case the assesse does not discloses the same (less than 8 per cent or loss) , the assesse will be required to maintain books of accounts and is required to get tax audit under provisions of section 44AA and 44AB. Thus, pursuant to this change, income from business cannot be below 8 per cent of the gross turnover in any circumstances.

So, if there is a profit in F&O and you are disclosing 8% or more of total turnover as profit then only the income has to be declared as business income and accordingly ITR has to be filed. There will be no need to maintain books of accounts and of audit.

Regards,

GD

Thanks GD and Anil. At least there is some logical explanation why the reurns are getting declared defective.

Does it now mean that if we have made profit < 8% of turnover, we will need to get audit done whatever be the turnover.

Dear all,

I have received the same notice u/s 139(9) with error code 14 and 23. please guide what to do because there is no part B to part A-P and L. The return was for a case where no books are maintained so how can i provide all details of P/L. Morever it is not clear that what details do they want. Plwase assist

I too have checked with CA and he also said that if you show profit < 8% total receipts (or if you show loss), you have to get your accounts audited under 44AD even if your turnover is much less than the limit of 60 lakhs. So either decalre 8% profit or get your accounts audited.

I once again thank Mr anil and GD.  I sensed immediately that they were right.

I don't feel audit is necessary for claiming F&O after reading this article at Capital Market.

https://www.capitalmarket.com/CMEdit/story11-37.asp?SNo=506795

Dear all, I have received the same notice u/s 139(9) with error code 14, 32 and 23.To best of my knolwedge Tax audit is not required if turnover is less than 40 Lakh. I will let you know if I manage to get some solution for this problem.

Read more at: /forum/details.asp?mod_id=251285&offset=3

Please help regarding the defective return problem

company was incorporated during AY 12-13 and no operation was carried on so ROC expenses for the formation and audit expenses were capitalised to Misc expenses and no effect was taken to P/L A/c.

P/L account was filed NIL

Now the department has sent defective return notice under error code 3 stating P/L A/c not filed.

So how to solve the problem as during the year there was no entry to profit & loss

Dear all,

I have received the same notice u/s 139(9) with error code 30, 14 and 23.

Can u please help in rectifying this return urgently.

Can I enter Derivatives loss in Part A-P&L Column 3f (Profit on sale of investment being securities chargeble to STT) by inputting Negative figure.

Please help me urgently.

You will have to involve a CA and get your ITR audited from him/her too.

Read this thread to see input from Anil which indicates what the CA will be doing.

I am having Derivatives Loss of small amount then also I need involve CA & get my ITR audited. Please usggest me any other alernative way to rectify this.

Contrary to what I understood a small while before... I have concluded that tax audit is not required for FNO losses. Section 44AD doesnt apply to me.

GD