NITIN SHARMA (LL.M.)
(Querist) 03 July 2013
This query is : Resolved
Dear Sir, There is an assessee who is a work contractor. In FY 2010-11 his gross receipts were 1500000/- and tds deducted thereon is Rs. 15000/-. He did not file his IT return for the relevant year.
Now he has received an non-statutary intimation from department asking him that he has received the sum of Rs. 15 lacs in fy 2010-11.
How is the idea if I make responce to that intimation by stating that the sum stated in intimation is gross receipts of work contract business and as the assesssee's net profit was below the exemption limit, therefore he did not filed his return.
If the department issues next intimation asking him to file return then assessee's return can be file by opting section 44AD which will come below the exemption limit.