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

KumarVij commented on 01 Sep 2013, 07:04 AM

A recent court decision may clarify things:

High court of Punjab and Haryana has decided in IT Appeal No 494 & 495 of 2005 on July 17, 2012 that if there is no profit, section 44AB is not attracted and there can not be a penalty for not getting account audited. Pl search google for details.

Section 44AD is a facility for small businessman to pay 8% of turnover and forget otherthings like maintaining book of account etc. If he pays 8%, tax people shall not ask anything else.

Please see there is a difference between a business and an income being treated as business income. Probably derivative trading is not a business but its income shall be treated as business income

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