it return presumptive business income under section 44ad
This query is : Resolved
11 May 2019
Sir,
If I have to file tax return of my business income under presumptive income scheme u/s 44AD ( as i satisfy all conditions and criteria of that section ) but I have Capital Loss of AY 2018-19,( FY 2017-18 ),Can I still adopt taxation under section 44AD. If Yes then which Return form shall be applicable for AY 2019-20 .? Can I file form 4 by ignoring capital loss incurred during FY 2017-18 as I am not interested to carry forward capital loss. OR I need to file return in ITRForm3 but file it as per provisions of presumptive income.
Is it compulsory that for presumptive income only ITR form 4 is to be filled or even ITR Form 3 can also be sued for such situation.
Pls take query early
If I have to file tax return of my business income under presumptive income scheme u/s 44AD ( as i satisfy all conditions and criteria of that section ) but I have Capital Loss of AY 2018-19,( FY 2017-18 ),Can I still adopt taxation under section 44AD. If Yes then which Return form shall be applicable for AY 2019-20 .? Can I file form 4 by ignoring capital loss incurred during FY 2017-18 as I am not interested to carry forward capital loss. OR I need to file return in ITRForm3 but file it as per provisions of presumptive income.
Is it compulsory that for presumptive income only ITR form 4 is to be filled or even ITR Form 3 can also be sued for such situation.
Pls take query early
CA R SEETHARAMAN
(Expert)
12 May 2019
For presumptive income ITR 3 can be filed in case of capital gain/loss.
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12 May 2019
Sir thank you so much for quick and precise resolving of this query .
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