Sharma ji
You have to file ITR 3 Form , your nature of business is not covered under section 44ADA, 44ADA is only for defined professionals
Thus prepare your Income and expenditure account and balance sheet and file ITR 3 form
I m getting income under 194J , as a technical consultalnt in a textile fabric msnufacturing firm. I had filed my ITR of AY 2017-18 via ITR 4S PRRSUMPTIVE BUSDINESS AND PROFESSION RETURN.( last year 2016 -17 i had filed ITR 4 and i got refund without any query) but now i have got notice for defective itr , reason is written as below ----- error code 89 -- stating that the provision of section 44ADA is not applicable you.The nature of bussiness code in sch NOB is not profession( i had used code 0703 - technical consultancy ) and income disclosed under 44ADA is more than zero hence section 44ADA is not applcable to you. In other column of possible resolution follwing is written " The provisions of Section 44ADA is applicable only toProfessionals with nature of business codes of 601 to 607. Taxpayer is requested to furnish correct Return Form type,i.e.ITR- 3 or ITR- 5 as applicable. If the Income has been disclosed under incorrectSection, the correct Section ofthe Schedule BP may be filled. If the Nature of Business code entered in the Return filed is not correct, the correct nature of business Code may be entered in the Sch NOB and the Corrected Return may be filed." So what ishould do now ?? Pl guide. SATYAVIR SHARMA 9413347311
Sharma ji
You have to file ITR 3 Form , your nature of business is not covered under section 44ADA, 44ADA is only for defined professionals
Thus prepare your Income and expenditure account and balance sheet and file ITR 3 form
Hi Satyavir
You can file ITR 4 and choose the business code 607 in order to opt for presumptive taxation under action 44ADA.
I assume you qualify for the conditions for claiming 44 ADA.
Dear Sir,
Actually Section 44AD is not applicable to you. It is only applicable to recognize professionals and not just any professionals.
So you have to revise your return with filing all details of profit & loss and balancesheet.
Hi Satyavir,
Assuming you are eligible for claiming presumptive taxation under section 44ADA, you need to select the code 607 because codes for professionals are only 601 to 607.
Please feel free to call/ revert in case you need more clarity.
Thanks and regards
Abhishek Dugar
CA CS B.Com
Hello,
That is a technical glitch which most assessee's are facing as of now. One way is to change your code and re-submit or the other is to fight it out with them through email or messages.
I would anytime suggest the first.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
Hello Sir,
It will be preferable if you change the business code rather than wasting your time with the department explaining them that the section includes technical consultant.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
Hi frinds !!! Finaly i had revised my income under bussiness head from Technical conultant 603 to Others 607 and filed against this notice . And i m very glad to tell you every body that it is accepted and i have got my full refund . Thanks to every Expert again.