Sec 44 ad error code 86
I am a lic agent. I fill in return code 0301. what code is suitable for me. I got a letter from cpc that " sec 44ad is not applicable for u
architect under 44ADA and after more than 2 months i got communication from CPC u/s 139(9) that it is defective.
Error code is 86- The provisions of Section 44ADA not applicable to the taxpayer. The nature of business code in Sch NOB is not a profession, and the income disclosed under Section
44ADA income is more than zero. Hence the provisions of Section 44ADA is not applicable to the taxpayer. Probable resolution given is : The provisions of Section 44ADA is applicable only to Professionals 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 incorrect Section, the correct Section of the 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. Kindly advise urgenty my next course of action. Regards,