Business loss in a year after presumptive scheme
This query is : Resolved
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,
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.
11 July 2024
Yes, as under normal assessment, fill all these schedules.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- ITR selection for salaries and capital gain less than L
- Share accounting-->fifo - capital gain - period as per fifo?
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- What is provisional receipt number for generation of form 16A
- Scrutiny assessments u/s 143(2) for AY 25-26
- CA IPCC Registeration in 2012, Is my registration Active or Expired
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
