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Business loss in a year after presumptive scheme

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11 July 2024 Dear Experts,

In one of the case where HUF is the proprietor , IT return was being filed under presumptive scheme by declaring 8% income of the turnover for 3 years. ITR 3 was filed since there was capital gain on shares as well and business income shown under presumptive scheme.

Now in 4th year , business is in losses. So in this case do I need to file ITR 3 with entire balance sheet and profit and loss? Also will it be subject to tax audit since loss?

Pls advice


11 July 2024 Yes, Even till next five years.
Only if total income exceeds the maximum amount not chargeable to income tax.

11 July 2024 Yes as in need to fill up entire balance sheet and profit and loss account since business in loss?

Thanks for audit query.

11 July 2024 Yes, as under normal assessment, fill all these schedules.

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