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

Nithin Kamath commented on 13 Feb 2014, 05:23 PM

Turnover is required only to ascertain if you need audit or not. Since ITR4 is generic, one of the ways is to show all profits as sales, and all losses as purchases on ITR4.
What I meant to say was that there could be a demand from the IT department.
If you select a no account case, you will have to show profits of atleast 8% of your turnover (in case your turnover is lesser than 1 crore).

Hopefully this clarifies,

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