Capital gain for presumptive tax payer

This query is : Resolved

Ajith T S (Querist)
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07 August 2018 Hai,

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.

Thanks

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 August 2018 please file ITR-3 with no accounts case. ITR-4 has no link to 44AD conditions. they can be satisfied in ITR_3 also

Ajith T S

Ajith T S (Querist)
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07 August 2018 Thanks for your reply.

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 ?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 August 2018 already answered above. File ITR with no accounts case. I am sure you can compute the taxable revenue on your own too.

CA Jubair J Jeri

CA Jubair J Jeri (Expert)
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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%.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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07 August 2018 you dont get any notice. Just need to know how to fill the return properly.

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