Comment on Notice under Section 139(9)? - Possible reason

MG commented on 30 Jan 2017, 11:05 PM

Dear Nithin
I incurred a loss of Approx 14 Lakhs in FY 15-16 with settlement turnover of approx 35 Lakhs. I have claimed the same in my ITR with trade details as well as Portfolio PnL statement. as the total turnover was less than 1 crore I didnt get it audited. I have got the notice from IT department stating that my ITR is faulty under section 44AD. I have no other business income.

Req you to pl suggest what shall I do? Is it mandatory in my case to get the account audited.

Regards and Thanks in advance.

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