ITR3 - Professional Income - Schedule Part A - OI

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This query is : Resolved

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When filing an ITR3 for professional income, taxpayers may encounter validation errors in Schedule Part A-OI regarding closing stock valuation, even though it's optional for professionals. The issue arises because the system requires an entry, preventing blank fields. The solution involves unticking the Schedule Part A-OI option on the initial ITR3 page, which correctly removes the requirement for stock valuation details for professional income.

Pranav

Pranav (Querist)

14 December 2021 I am filing ITR3 for professional income. Under Schedule Part A - OI, Method of valuation of closing stock employed in the previous year is optional in case of professionals but it is still asking me to enter values for Raw Material and Finished goods. If I leave them blank it gives me validation error. How should I fix it?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

15 December 2021 Enter values '0' in the fields.

Pranav

Pranav (Querist)

15 December 2021 It is a drop down with values - At cost or market whichever is less, At cost, At Market rate. I have to choose of this. I cannot enter 0.

c.bakshi

c.bakshi (Expert)

15 December 2021 as you are filing income under the head professional, how you have value of closing stock. see this is not applicable in your case. in the initial page of ITR 3, there are options untick this Schedule Part A - OI, so you need not to insert the value

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Pranav

Pranav (Querist)

15 December 2021 Thanks sir, unticking in the initial page worked.

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