Business loss in a year after presumptive scheme
This query is : Resolved
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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
Regards,
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
Regards,
Dhirajlal Rambhia
(Expert)
11 July 2024
Yes, Even till next five years.
Only if total income exceeds the maximum amount not chargeable to income tax.
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.
Thanks for audit query.
Dhirajlal Rambhia
(Expert)
11 July 2024
Yes, as under normal assessment, fill all these schedules.
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