Business Loss in ITR 3 in no account case

Save Share

This query is : Resolved

Quick Summary

This discussion addresses how to declare business losses in ITR 3 when maintaining no accounts. It clarifies that in a 'no account' case, it's generally not possible to show a business loss, as losses cannot be substantiated or carried forward without proper books. While you can declare a nominal profit of Rs. 1, declaring a loss is not permitted under these circumstances.

Manish Agarwal

Manish Agarwal (Querist)
Follow

27 June 2024 Sir,

Pl guide me on how to show business loss in ITR 3 in no account case.

I have entered in No account case in ITR 3 bit business loss is not getting accepted in it. Is there any other way. Please guide.

Regards,
CA Manish Agarwal

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

27 June 2024 Logic is how can one arrive at loss without any books?
Neither it is allowed to be adjusted against any other income not gets carry forwarded without Books maintained.
Under "NAC' One can declare Rs. 1 as profit, but not loss!!

Message likes : 1 times

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

29 August 2024 Good Luck.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now