Revised return wrongly choose option 'No' accounts taken gross receipt for tax calculation

Revised return wrongly choose option 'No' accounts taken gross receipt for tax calculation

I filed my wife tax return, she is dentist and practicing. Initially I filed ITR 4 but got notice of defective return. Then revised the return. While filing revised return through online mode, wrongly selected option of 'No' account us 44AA. when uploaded the ITR calculated tax on gross receipt. So the tax calculated is 63000 on gross receipt of 681000.
Why it has taken gross receipt for tax calculation. and now how I can correct the revised return.

Please reply.

Asked 6 years ago in Income Tax

Had you opted for presumptive taxation under 44ADA or files a normal return?

Return can be revised again subject to time limit. Which year's ITR was it?

Lakshita Bhandari

CA, Mumbai

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Hi,

To correct the exact defect filed in the ITR, we would need the copy of notice as well as ITR.

Can you share the same ?

Thanks

Damini

Damini Agarwal

CA, Bangalore

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When no accounts option selected by you then 50% of gross receipts would be considered as Total income in case of professionals and tax would be calculated on 50% income only. Please forward your original and revised return at . You can revise the return again.

Vivek Kumar Arora

CA, Delhi

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Can you please let us Kno whether your wife has maintained complete books of accounts or not? If she has maintained books of accounts and don't want to go for presumptive taxation, then you should file ITR 3 and not ITR 4.

If she has not maintained books of accounts, then you have correctly selected the option.

Tax is not calculated on gross receipts. We need your copy if return to see wats the mistake.

Please feel free to call/ revert in case you need more clarity.

Thanks and regards

Abhishek Dugar

CA CS B.Com