Audit information

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This discussion clarifies how to answer the 'audit information' question in ITR 3, specifically concerning income declared under sections like 44AE, 44AD, etc. The key is whether your intraday profit is treated as business income under 44AD. If it's declared as speculative activity rather than business income, you should select 'no' for this question.

PRIYA

PRIYA (Querist)

27 December 2020 I have income under the head salary, short term capital loss and intraday profit. In audit information in part A general of itr 3, should I select yes or no in "whether assessee is declaring income only under section 44AE/44B/44BB/44AD/44ADA/44BBA/44BBB?

CA Raj Doshi

CA Raj Doshi (Expert)

28 December 2020 If you are showing intraday profit as business income under 44AD - Yes. If you are showing intraday profit as Income from Other Sources - No.

PRIYA

PRIYA (Querist)

28 December 2020 I am not showing intraday profit as business income, I am showing it under speculative activity. Should I select yes or no in whether assessee is declaring income only under section 44AE/44B/44BB/44AD/44ADA/44BBA/44BBB?

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