11-September-2026
Taxation
 
Business or profession? Wrong code triggers income tax notices on 'defective returns'
11-Sep-2026

An incorrect code in an income tax return (ITR) has put several business taxpayers under the department's compliance scanner. Several from Ahmedabad have received defective return notices, flagging returns in which the selected business or profession code is absent, incorrect or does not correspond with the taxpayers' activities reported in the financial statements. Tax professionals said such notices are not issued often, but an unusually high number have been sent for ITRs for 2024-25.

News Source:- https://timesofindia.indiatimes.com/city/ahmedabad/business-or-profession-wrong-code-triggers-income-tax-notices-on-defective-returns/articleshow/134026379.cms