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

AKSHAY SHETTY commented on 18 Feb 2015, 03:31 PM

Hi Sir,
Actually, my problem is that there is a client who has received a notice from the income tax department u/s 139(9) with error codes 14 (Assessee entering negative amount in gross profit or net profit.) and error 23 ( Where assessee furnish total of amount deducted in,3,4 and 5 of Schedule BP should be consistent with Total credits in the P and L Slno.5). I have read some of your discussions above in which you have said that the way to rectify is by showing profit @ 8% of turnover u/s 44AD but the above clients have a business of F&O whereas my clients business is software consultancy. Now, please advice us as how to proceed with the same. (for the 15 days to end only 3 days are left so i request you to tell the correct way to rectify the above)


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