Return is defective

Page no : 3

Raghavendra Kamath (164 Points)
Replied 13 May 2021

True. astonishing is till recently itrs have been processed without 44AA glitch. All of sudden this issue has propped up all over India. How to respond with required data in the time of pandemic. assesses are dire in need of refund. But now it seeems that Govt is using delaying tactis

Barkha (None) (171 Points)
Replied 13 May 2021

Absolutely right. This is delaying tactics. Has anyone submitted a grievance and received a response for this? It could help many people.

Raghavendra Kamath (164 Points)
Replied 13 May 2021

I have submitted but till date no response. Leave this! 143(1) refund order is generated last month, refund not yet credited to bank. no revert to such grievances too. Many such cases r there

Anjan Roy (Chartered Accountant) (24 Points)
Replied 14 May 2021

(i) As per Section 44AA of the Income Tax Act, if the ‘net income’ of an ‘individual’ from business or profession exceeds two lakh fifty thousand rupees or the total sales, turnover or gross receipts, as the case may be, in business or profession exceeds twenty five lakh rupees in the previous year only then ‘Books of Accounts’ needs to be maintained.

In your case, the net income reported is more than Rs two lakh fifty thousand, so Section 44AA is attracted.

(ii) Since your profession is not included in the ‘list of eligible professions’ given under Section 44AA and 44ADA, you cannot go for presumptive taxation under Section 44ADA.

(iii) Response to the notice which needs to be given within 15 days may be given accordingly. You might have to file a revised return with the PL and BS data within the due date. Tax payable if any needs to be paid before filing the return.

Barkha (None) (171 Points)
Replied 14 May 2021

Originally posted by : Anjan Roy
	(i) As per Section 44AA of the Income Tax Act, if the ‘net income’ of an ‘individual’ from business or profession exceeds two lakh fifty thousand rupees or the total sales, turnover or gross receipts, as the case may be, in business or profession exceeds twenty five lakh rupees in the previous year only then ‘Books of Accounts’ needs to be maintained. In your case, the net income reported is more than Rs two lakh fifty thousand, so Section 44AA is attracted. (ii) Since your profession is not included in the ‘list of eligible professions’ given under Section 44AA and 44ADA, you cannot go for presumptive taxation under Section 44ADA. (iii) Response to the notice which needs to be given within 15 days may be given accordingly. You might have to file a revised return with the PL and BS data within the due date. Tax payable if any needs to be paid before filing the return.