An assessee has opted presumptive taxation for his business. He also have capital gain. However ITR 4 is the form available for presumptive tax payers and it doesn't provide any option to show capital gin. If we change to normal scheme, then for the next 5 years, we cannot opt for presumptive taxation. So can you please suggest me what is the option available for presumptive tax payer to show capital gain also in their ITR.
But in ITR 4 its specifically asking for turnover and will automatically computing taxable revenue at 6% or 85 as the case may be. How can it be satisfied through ITR 3 ?
07 August 2018
It is not possible in ITR 3 , you will get notice u/s 139 (9) defective return for violating provision 44 AA if your business profession income exceeds 250000 rs or turnover exceeds rs 2500000 from AY 2018-19 , better maintain books of accounts and file ITR 3 , i think you had filed ITR 4 in AY 2017 -18 , than you are liable for audit also under 44 AB for opting out from presumptive taxation , though your profit is above 8 % or 6%.
CAclubindia
