Received notice under section 139(9)

I am LIC agent which is my only source of income and have filed my return using ITR4. I have received a notice under sec 139(9) saying "Tax Payer having income under the head “Profits and gains of Business or Profession”  but not filled Balance Sheet and Profit and Loss Account".

What have I missed, what should I do? Please advise.
Asked 3 months ago in Income Tax from Noida, Uttar Pradesh
Sir there will be a point where in you have 2 options.

1. Where books of accounts are maintained you need to fill full details of Profit & Loss and Balance sheet.

2. Where books are not maintained you need to mention 4 columns in Profit & Loss Account like sales/receipts, gross profit, Expenses and Net profit.

In no books case in case on Balance sheet again 4 columns like , drs crs stock and cash need to be mentioned.

If you are maintaining books fill option 1 or else no books case option 2. and resubmit.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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Check ur itr form some times without filling income details directly tds refund claimed and these notices received from department.
Now u have to file ur itr again under above mentioned section, after that the same process by department and refund/depmand raised 
For further query u  can contact me 
I have filled many 139(9) replies 
Lalit Bansal
CA, New Delhi
73 Answers
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  Talk to Lalit Bansal
As under ITR 4
you are required to fill profit and loss statement.
showing, income from professional income.
deducting expenses incurred to earn that professional income.
in balance sheet
you can show bank balance as on 31st march of that financial year in asset side and same  amount as capital in liability side.
while filing ITR 4 it is mandatory to fill profit & loss a/c and balance sheet.
Vishakha Agarwal
CA, Bangalore
210 Answers
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Hello,

It is compulsory to file B/S and P&L data when filing ITR 4. If b/S and P/L are not made, data needs to be entered in the column showing no books of accounts maintained and declaring the Gross Receipts and Cash Bal, O/s debtors ,O/s creditors if any.

In your case right now, you shall have to make corrections in your ITR 4 showing whatever is your gross receipts in the option at the end of B/S & P&L column where data for assessee's who have not maintained books is to be entered. Regenerate a fresh xml and submit on the efiling website against the option efiling in response to notice u/s 139(9).

If you have any further queries you may write to us or talk to us.

Thanks & Regards

Ria Nagpal 
Ria Nagpal
CA, Ahmedabad
28 Answers
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Hello Sir,

Out of the above balance Rs 136926 some of the cash must have been used up during the year. Isnt it?

Hence you meed to show only so much cash balance which is outstanding at the end of the financial year.

It could also be 10000 or 20000 or whatever amount you deem was your cash on hand as on 31st march.

Thanks & Regards

Ria Nagpal
Ria Nagpal
CA, Ahmedabad
28 Answers
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you need to show in balance sheet balance of bank accounts as well.
Vishakha Agarwal
CA, Bangalore
210 Answers
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File complete form not like this 

Show gross receipt then in other exp. Show ur exp  amount (if u have detailed information of ur exp. U can show sperately head wise mentioned in p& l account 
And in same  way fill complete bs 
In liabilities As capital 136926 and in assets bank or cash  balance 
To avoid further notice 
Lalit Bansal
CA, New Delhi
73 Answers
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  Talk to Lalit Bansal
yes its ok.
Shyam Sunder Modani
CA, Hyderabad
955 Answers
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  Talk to Shyam Sunder Modani
Dear Sir,

I think you have filled the details at wrong place in ITR. Its not required to maintain Balance sheet if your income is below the threshold limit.

If you are filing the Business return in ITR-4 and you are selecting option of maintaining books of account then you have to give the balance sheet details were as in case of you selecting not maintaining books of account then not required. If you are doing the IT return of Company then you have to compulsorily need to give the balance sheet details.

Please feel free to call/revert in case of any doubts

Thanks and Regards,
Abhishek Dugar
CA CS B.Com
Caabhishekdugar@gmail.com
Abhishek Dugar
CA, Mumbai
766 Answers
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Dear Sir,


Yes you can file it accordingly. But preferbaly file ITR - 2 in your case.
Trust this clarifies your query. 

Feel free to call / get back in case of further clarifications. 

Thanking You. 

Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP. 
Rohit R Sharma
CA, Mumbai
719 Answers
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