Regarding selection of ITR Form

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If you previously filed ITR-4 under the presumptive income scheme (Sec. 44AD) and now have capital gains or losses in AY 2023-24, you have options. You can continue with presumptive income and declare capital gains/losses within ITR-4, or you can opt for ITR-3. ITR-3 allows you to report both your business income under Sec. 44AD and your capital gains.

Jashpreet kour

Jashpreet kour (Querist)

21 July 2023 A person having presumptive income under Sec.44AD and file ITR-4 in AY 2022-23. In AY 2023-24, he has either Capital Gain or Loss apart from presumptive income, then for this AY which ITR need to file. Can option to report income under sec.44AD need to opt out due Capital gain /loss or can continue with ITR-4 in this AY also.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

21 July 2023 He can file ITR 3 for both business income along with capital gains declaration.
He can continue presumptive assessment u/sec. 44AD in ITR 3 also.

Dhirajlal Rambhia

Dhirajlal Rambhia

(Expert)

14 September 2024 Good luck.

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