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i members I have received notice from income tax regarding rectification sec 139(9) becoz i filed loss in f&o moreover i am not maintaining books of account..my turnover was 5 lakhs and have loss of 20 k rs...as per notice my books are not audited...my question is whether i can file rectification return with 8% profit i.e 40 k rs and i fall in 20% slab so pay around 8 k to IT...becoz audit and other charges will cost me around 12 to 15 k....also i have previous year loss to carry forward...so whther i can set off against this profit shown?
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