44AD BUSINESS OR NORMAL BUSINESS

This query is : Resolved 

Quick Summary
This discussion addresses a common query for individuals eligible for Section 44AD but unable to use ITR 4 due to agricultural income. The advice provided is to file using ITR 3, selecting the 'yes' option for declaring income under specific sections like 44AD. Crucially, it clarifies that only the 44AD details need to be filled in, not a full Profit & Loss statement and Balance Sheet, when reporting business income under this section alongside agricultural income.

10 August 2020 A Person is running a business which is eligible u/S 44AD but due to agriculture income he is unable to file ITR 4 and he is filling ITR3
1. Whether assessee is declaring income only under section 44AE/44B/44BB/44AD/44ADA/44BBA/44BBB in this option which is option to be selected yes or no

10 August 2020 Select yes option and opt 44AD.

11 August 2020 FILE ITR 3 AND FILL AGRICULTURE INCOME AND FILL BUSINESS INCOME AS PER SECTION 44 AD DETAILS

13 August 2020 Business Income is 425000.
whether to fill only 44AD detail or full P&L and Balance sheet detail in ITR 3 iin this case

13 August 2020 Fill only 44AD details.


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