44ADA

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New ITR 4 should be filled for Professionals having only professionals income as specified u/s 44ADA to be read with 44AA.
But if we have any other source of income also (Say Capital Gains) , then ITR 3 is to be filled.
Now 44AA says that Specified Professionals are required to maintain books of accounts. So when I fill ITR along with books, its not allowing me take deduction @ 50% of gross receipts as per section 44ADA.
So what should be done?
Replies (2)

ITR 3 in such case is to be filled under 'No Accounts Case'....... Read carefully the instruction for clear understanding... extraced as below:

PART A-BS AND PART A-P&L
(a) The Balance Sheet as on 31st March, 2017 and the profit and loss account for financial year 2016-17 in the formats provided in these parts have to be filled in respect of proprietary business or profession carried out by you during the financial year 2016-17 if you were required to maintain accounts of the business or profession during the year.
(b) If the matters other than proprietary business are not being accounted for in the books of the proprietary business or profession, these need not to be included in the balance sheet and profit and loss account to be filled in this Part.
(c) In case, accounts of the business or profession were required to be audited, the items of balance sheet and profit and loss account filled in the these parts should broadly match with the audited balance sheet and profit and loss account.
(d) In case, you were not required to maintain accounts of the business or profession during the year, please fill out the details mentioned in these parts against portion ‘No account case’.

If books are maintained u/s 44ADA and you are having higher income there then you must declare that higher income in sec 44ADA.


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