Income tax return

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Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2018 One of my client (Individual) has following income:
Business Income - 276000
Agricultural Income - 190000
Which option i have to select for filing ITR 3 under question Are you liable to maintain books of accounts as per 44AA? Whether it is YES or NO.

If YES then Can i feel details of BS and P&L under head NO ACCOUNT CASE rather than giving all details of BS and P&L?

Nikhil Kaushik

Nikhil Kaushik (Expert)

01 June 2018 depends on the nature of the business income and the turnover of the same.

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2018 Turnover is 15,00,000 and nature of business is trading. Can u solve my query now?

Nikhil Kaushik

Nikhil Kaushik (Expert)

01 June 2018 then file as no-accounts case. But make sure that you provide for the business income under 44AD in the Schedule BP

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2018 But i can't use section 44AD as agriculture income exceeds 5000 and have to use ITR 3 instead of ITR4.

Nikhil Kaushik

Nikhil Kaushik (Expert)

01 June 2018 who told you that? you cannot use ITR-4 because of these conditions. 44AD has not such bar!

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2018 I am saying that because of agriculture income exceeds 5000 i can't use ITR 4 as mentioned in ITR 4 template. So i have to use ITR 3 and because of it i can't get benefit of section 44AD. Please correct me if i am wrong?

Nikhil Kaushik

Nikhil Kaushik (Expert)

01 June 2018 you are wrong. You can use 44AD in ITR-3 too.

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2018 If i use 44AD in ITR3 then Is it compulsory to fill details in balance sheet and P&L?

Querist : Anonymous

Querist : Anonymous (Querist)

01 June 2018 And also provide answer for that, is it compulsory to provide information of BS and P&L as No account case in ITR4?

Nikhil Kaushik

Nikhil Kaushik (Expert)

01 June 2018 I already answered that in my earlier comments