New itr3 for ay2017-18 for professional, proprietorship
Querist : Anonymous
1. Have Consultancy income and income from other Sources [FD interest, Rental]
2. Have used ITR4 in the past few years with Balance sheet, etc but no Audit
3. Unfortunately, am filing AY2017-18 income tax returns now in Dec 2017.
4. My profits are lower than 50% of Consultancy income.
5. Have paid all the required taxes during FY2016-17 as advance tax.
I need clarification about:
1. Can I use the New ITR3 for AY2017-18 tax returns ?
2. Under the section 44AB as before ?.. as profits are lower than 50% of Consultancy income.
3. Or do I have to use the 44ADA option ?
4. Is Audit compulsory in this case and what is the procedure for the same ? [considering late filing]
5. Is there a way to get accurate info on this from IT dept ?
Regards and appreciate it.
Can I use
2 Under section 44AB as profit less than 50%.
3 You can use 44ADA option and declare 50% profit tax audit not applicable.
4 Audit compulsory if you declare less than 50% profit.
5 Read the provisions of 44AB and 44ADA Income tax department will not help you.
You can rely on this information.
Querist : Anonymous
Pl clarify:
1. As it is now December, beyond Nov 7th deadline, can I still file ITR-3 with or without Audit report ?
2. Will IT dept accept it ? Will there be any penalty for late submission ?
Regards.
2.3.and 4. Nature of your profession/qualification to be known
5. Meet the PRO of your jurisdiction.
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