Urgent help required for efiling of itr 3 u/s 44ad
This query is : Resolved
Debasish Pramanick
(Querist)
12 August 2018
I HAVE FILED ITR 4 FOR A.Y. 2015-16 AND ITR 3 FOR A.Y. 2016-17 FOR HAVING LOSS FROM PROPERTY DEVELOPMENT BUSINESS. IN BOTH ITR I HAVE SELECTED THE OPTION "NO" FOR STATUS "Whether liable to maintain accounts as per section 44AA" AND FOR THE STATUS "Whether liable for audit under section 44AB". BUT I GAVE BS AND PL DETAILS (regular books of accounts are maintained) TO SHOW THE LOSS. NOW MY QUESTION IS CAN I FILE ITR 3 UNDER SECTION 44AD BY SHOWING REGULAR BOOKS OF ACCOUNTS MAINTAIN?
Nikhil Kaushik
(Expert)
12 August 2018
you want to file under 44AD and maintain books of accounts?
Debasish Pramanick
(Querist)
13 August 2018
yes...is it possible?
Nikhil Kaushik
(Expert)
13 August 2018
please read 44AD - it is for cases with no books of accounts.
CA Visswanath Vadde
(Expert)
13 August 2018
Declare taxable income as per provisions of Section 44AD 6% or 8%, maintain books of accounts, get your books audited, submit Balance Sheet, Profit and Loss account and Audit Report.
Nikhil Kaushik
(Expert)
13 August 2018
@CA Visswanath Vadde? What? please do enlighten on how 44AD plus audit works if the profit is above the 6/8%. and how you maintain the books when you are declaring presumptive income?
CA Visswanath Vadde
(Expert)
13 August 2018
When you want to maintain books of accounts, nothing is stopping you. Books of Accounts and submission of Financial Statements in ITR will be helpful for SME towards getting finance from Banks. Audit will also help for the above.
Assessee can declare higher income as per Sectioin 44AD.
Assessee can declare higher income as per Sectioin 44AD.
Nikhil Kaushik
(Expert)
13 August 2018
my question is that can you do it under 44AD. Getting finance from bank is not the objective Income-tax compliance.
CA Visswanath Vadde
(Expert)
13 August 2018
Submission of Return of Income under Section 44AD is under one form and with Books of Accounts is in another Form. Both are exclusive and cannot be combined.
Nikhil Kaushik
(Expert)
13 August 2018
thanks for understanding and please correct your earlier responses above. They will end up misguiding innocent people seeking advice on this platform
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