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

harsh300684 commented on 24 Jun 2013, 07:27 AM

Hi Zerodha,

Pl help me to clarify….

Hi members I have received notice from income tax regarding rectification sec 139(9) becoz i filed loss in f&o moreover i am not maintaining books of turnover was 5 lakhs and have loss of 20 k rs…as per notice my books are not audited…my question is whether i can file rectification return with 8% profit i.e 40 k rs and i fall in 20% slab so pay around 8 k to IT…becoz audit and other charges will cost me around 12 to 15 k….also i have previous year loss to carry forward…so whether i can set off against this profit shown?

My time line of 15 days is running out…also my CA has already taken more than 10 days….but yet no progress !!

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