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

NEO commented on 20 Jun 2013, 02:33 PM

Hi Nithin ,
Excellent article with lots of insight. There has been so much of ambiguity in filing return for a trader of F&O. Not any more.
While section 44AD provides more clarity on filing the correct return, I too genuinely believe that this decision failed to consider the impact on small F&O traders.

I would like to add that traders whose total income doesn’t exceed the maximum amount which is not chargeable to income-tax need not maintain book of accounts and get them audited.

One question though:
Most of the traders getting notice under section 139(9) wouldn’t have their account audited,until the receipt of notice.
While filing revised return, one needs to mention the date of audit. One ambiguity arises here as the last date of audit for f.y. 2011-12 would be 30th Sept 2012 and any audit done after that
incurs a penalty( to the tune of 1% of turnover). So even if one files revised return, with audit done, one incurs a penalty..any views?


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