File of income tax itr-3

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birjesh (Querist)

02 August 2018 Dear All,
I am an individual and having 2 separate business which are covered under presumptive taxation scheme U/s 44AD but can not file return ITR - 4 due to reason that, I have short term capital gain and dividend above 10 lac.
Under the above situation i can file only ITR -3. Can any expert advise me how to file ITR-3 for both the business incomes. Can i consolidate both the P&L account and balance sheets and consolidated figures be placed in the ITR-3.
If i avail the benefit of Section 44AD for both the business then how to incorporate figures in ITR - 3

Regards
Birjesh

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

02 August 2018 Opt 44AD for both the business and give consolidated figure of turnover debtors, creditors etc. Select no account case and need not fully bs and p and l.

Thiyagarajan Kandasamy

Thiyagarajan Kandasamy (Expert)

03 August 2018 yes as per the Seetharaman sir point correct, only one thing we have to see your profit will be crossed more than 8% that is very important if not it was below 8% then separate ITR has to be prepare that's the only rules as per the SEC 44AD

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