Sec 44ad, sec 44aa and itr 4 / old itr 4s

This query is : Resolved

M.V.Srinivas

M.V.Srinivas (Querist)
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01 September 2017 Sir,
As per Sec 44AD, one can opt for presumptive income @ 8% on turnover less than Rs.2.00 Crores. As per sec 44AA, one has to maintain books if turnover exceeds 10 lakhs or income exceeds Basic exemption limit. ITR 4 / old ITR 4S is to be filed by the assessees opting for presumptive income.
My query is If an assessee has to file a return for having 8 lakhs presumptive turnover, income from house property 120000 and agricultural income of 50000,
1. Which ITR form he has to file New ITR 3 or 4?
2. Is he has to maintain books of accounts for fillling part B of P&L and balance sheet ?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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01 September 2017 1 File ITR 3. in view of agricultural income exceed 5000.
2 Opt for 44AD no need of account p&l and bs filling

M.V.Srinivas

M.V.Srinivas (Querist)
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04 September 2017 Sir, but for filing Form 3 we have to fill balance sheet and profit and loss account. ITD is asking for filling part B of P&L and Balance sheet.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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05 September 2017 Select no account case and Opt for 44AD no need to file p&l and bs.

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