One of my client is into a Boutique business and has been filing ITR-3 and submitting his Balance sheet till the last return filed 31.03.2020.
His Gross turnover is around Rs. 8 lacs from the business. The income is earned in cash and he deposits the cash into Bank. Some amount is received through NEFT.
Can he file return under Section 44AD or 44ADA and file ITR-4 under presumptive Taxation scheme instead of preparing accounts and filing ITR-3.
CAclubindia
