44AD income tax return

This query is : Resolved

CA JAYESH RELKAR (Querist)
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25 November 2021 Facts of the case : Mr. A has filed ITR 4 for FY 2019-20. Now in FY 2020-21 he has capital gain from shares/mf.

Query : 1) Do Mr. A has to prepare balance sheet and file return in ITR 3??
2) If in next year, say FY 2021-22 Mr. A doesnt have capital gain from shares/mf, can he file return in ITR 4 for FY 2021-22?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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25 November 2021 1. No need, He can declare business income u/s. 44AD (without books of accounts) even in ITR 3. Need to give details in 'No books of accounts' in P&L and BS schedules.
2. Yes, he can file ITR 4 again.

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