ITR 3 - Profit Declaration

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Accounts & Tax Consultant (Querist)
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08 May 2023 Respected Experts,

Can we file ITR 3 and declare profit below 8 or 6% for Non Tax Audit Cases? ( Category : Cafe Shop)

Since Opting to 44AD will cost heavy Tax liability for the business

Kindly advise

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 May 2023 Yes, provided sec. 44AD was not opted in any preceding five years.

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Accounts & Tax Consultant

Accounts & Tax Consultant (Querist)
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08 May 2023 Thank you sir

One of my friend says, if we are declaring profit below 8 % in ITR3 (44AB) then Tax Audit by a CA is must..

Is that right sir ?

Kindly advise

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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08 May 2023 It's not correct, unless presumptive assessment u/s. 44AD was opted out in any preceding FIVE years.

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