ITR-3 -Required Balance sheet if above 250000 income


This query is : Resolved 

Quick Summary
If your business income in ITR-3 exceeds £250,000, you might be prompted to submit a balance sheet. However, if your income is derived from specific sources like Section 44AD and partnership income, and falls within certain limits, you may only need to fill in the 'No Account Case' details in Schedule BS. This avoids the need for a full balance sheet submission.

(Querist)
26 July 2023 Income from 44AD is to 2,00,000/- and income from partnership Rs.1,00,000/- which are shown as business income in ITR-3. Error indicates submission of balance sheet as business income exceeds 2,50,000/- lakhs. Whether balance sheet required

26 July 2023 Only details in sr. no. 6 of 'No Account Case' in Schedule BS, need to be filled.

13 September 2024 Good luck.


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