Notice u/s 139(9)
Question
I have filed my ROI in ITR 3 as i had Intra day losses
Intra Day Loss – 372000
Turnover – 475000
Apart from this I have Income from Salary(25 Lacs) & Other Sources, LT Loss (25000) & ST Gain (1000).
I have got notice u/s sec 139 (9) for defective returns. I am wondering why ?? Can you kindly throw some light and how do i respond.
solved
2
Taxations
5 years
1 Answer
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Answer ( 1 )
In case of Losses, and due to the effect of Sec 44 AD if you have losses ideally you should get your books AUdited and file the returns. If your income is less than the basic exemption limit then you are not required to have an Audit to file the returns.