A professional is encountering an error when filing their ITR-3 for AY 2022-23, specifically asking for closing stock valuation details in Schedule OI. This is unusual as professionals are typically not required to provide this information, especially when their profits are lower than the deemed profit under Section 44ADA. The user is seeking expert guidance to resolve this validation error.
30 August 2022
Dear Sir/Madam, Tax audit of a professional has been conducted u/s 44AB(d) - Profits and gains lower than deemed profit u/s 44ADA. Form 3CB-3CD has also been filed. While validating his ITR-3 for the A.Y. 2022-23 for submission, error comes up and asks to select the method of valuation of closing stock for raw material & finished goods in Schedule OI. I do Seek solution from the expert minds as this is not required for professionals. With best regards, KRG