Business Loss in ITR 3 in no account case

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This query is : Resolved

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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)
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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)
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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!!

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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29 August 2024 Good Luck.

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