I got a notice of defective return u/s 139(9) with Error code 181
I got a notice of defective return u/s 139(9) with Error code 181 as below:
Sl.No: 1 Error Code: 181
Error Description:
a) The Gross receipts is not mentioned in the Profit & Loss a) Gross receipts to be entered in the Profit and loss A/c. OR b) The profit shown is less than 50% of the gross receipts as prescribed u/s 44ADA but has not mentioned the maintenance of the books of accounts and audit report u/s 44AB in Part A-General and the total income exceeds the maximum amount not chargeable to income tax.
Probable resolution:
a) Gross receipts to be entered in the Profit and loss A/c.
b) Declaring profit of 50% or more of gross receipts as per Section 44ADA
c) Filling the Part A of Schedule BalanceSheet, Part A of Schedule Profit & Loss and details of audit
report in Schedule Part A-General if your total income exceeds the maximum amount not
chargeable to income tax.
I had filled ITR3 under Profit and loss account srno 53(ii) for profession for No account case under presumptive scheme under section 44ADA (for Income from business / profession, 0607-Professionals-Others) :
Gross receipts = Rs x,xx,xxx (This is less than 10 lacs)
Gross profit = 50% of gross receipt Expenses = 0,
Net profit = 50% of gross receipt
I had also shown my pension under Income from salary, short term capital gains.
I think I have filled gross receipts and profit as per probable resolution.
Now I do not know what correction is needed in ITR3.
Please help, as any correction needs to be filed within 15 days as per the notice.
Regards
Govindrajan S