Presumptive tax losses

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This discussion addresses an individual filing presumptive tax who has incurred business losses this year while also having savings, FD interest, and capital gains. The user is filing ITR 3 due to capital gains and seeks guidance on how to show these losses. Advice suggests continuing with presumptive tax for five years to avoid audits, but if losses are incurred, getting accounts audited and filing ITR 3 with the audited data is recommended, allowing the utility to calculate the loss.

B K D

B K D (Querist)

22 December 2021 I as an individual have been filing presumptive tax for past few years ... This year i am in losses in my business .. This year i have savings and FD interest income and capital gain tax .. How can i show losses in presumptive tax .. i am filing ITR 3 due to capital gain tax .. KINDLY GUIDE .. THE TOTA

B K D

B K D (Querist)

22 December 2021 what are the deductions that can be availed in presumptive tax for business .. i mean like HRA , 80D OR 80 C??

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

22 December 2021 If you have been filing ITR u/s. 44AD of the act, it is advisable to continue it for at least for five years; or you will have to get books of accounts audited.

B K D

B K D (Querist)

22 December 2021 THANX FOR THE RESPONSE .. BUT HOW DO I SHOW THE LOSSES ... AND DO I HAVE TO FILE ITR 4 OR I CAN FILE ITR 3 AS I HAVE SHORT TERM CAPITAL GAIN TAX ..

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

22 December 2021 Get your books of account audited, if conditions as per sec. 44AD(4) are satisfied. File ITR 3 as usual with audited data, loss will be calculated by utility.

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