Business loss in a year after presumptive scheme

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Dipen (Querist)
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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,

Dhirajlal Rambhia

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

Dipen

Dipen (Querist)
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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.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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11 July 2024 Yes, as under normal assessment, fill all these schedules.

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