Itr-3 for presumptive income
This query is : Open
02 August 2017
Dear Expert,
I have income from two house properties and business turnover of 105 Lac with 9Lac profit. I tried filling in ITR-3 under no account case as per 44AD but the utility asks for balance sheet and PL details. without which it shows the return to be defective under section 139. Please help as we are tried using excel/java utilities but with same message in the end.
I have income from two house properties and business turnover of 105 Lac with 9Lac profit. I tried filling in ITR-3 under no account case as per 44AD but the utility asks for balance sheet and PL details. without which it shows the return to be defective under section 139. Please help as we are tried using excel/java utilities but with same message in the end.
CA Rashmi Gandhi
(Expert)
02 August 2017
Fill B/S & P&L in no account case......
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02 August 2017
ITR 4 is presumptive income return.....
ITR 3 normal related return......
So, ITR 3 cannot supported above 1cr business...
Above 1cr is tax audit case except presumptive taxation......
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02 August 2017
So, it's can't supporting for selected option NO ACCOUNT CASE.....
02 August 2017
@Rashmi gandhi, Thanks ma'am!
But without books of account how can we give PL expenses?
should we fill tentative balance sheet just for the purpose of overriding the error.
But without books of account how can we give PL expenses?
should we fill tentative balance sheet just for the purpose of overriding the error.
CA Rashmi Gandhi
(Expert)
02 August 2017
Agreed with Raja
Yes you have to fill B/s & P&L.
CA Rashmi Gandhi
(Expert)
02 August 2017
Forgot to consider turnover
02 August 2017
@Raja P M, Sir but the section 44AD says that anyone with t/o upto 2Cr can opt to offer 8+% profit and he should be exempted from audit as well as section 44AD overrides 44AA and 44AB
CA Rashmi Gandhi
(Expert)
02 August 2017
Yes fill tentative figures.......
02 August 2017
Thanks for an early reply!
So shall we conclude that we cannot opt for section 44AD just because we have two properties..
and shall we file under ITR -3 after tax audit as without section 44AD audit would also be applicable..
So shall we conclude that we cannot opt for section 44AD just because we have two properties..
and shall we file under ITR -3 after tax audit as without section 44AD audit would also be applicable..
CA Rashmi Gandhi
(Expert)
02 August 2017
Yes...............
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CA Rashmi Gandhi
(Expert)
02 August 2017
Welcome dear......Our pleasure......
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