ITR 3 - Profit Declaration
This query is : Resolved
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
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
08 May 2023
Yes, provided sec. 44AD was not opted in any preceding five years.
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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
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
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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