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Error in ITR3 - OS sheet.

ITR 1616 views 5 replies

Hello everyone, Please Guide me on this:

Options turnover is 7 lacs

Options Loss in 4 lacs.

From above information, I am not liable for any Audit.

Filled up ITR3 properly, in Audit info sheet (under General info) selected No for all audit questions.

But while validation I get error for Part A (Other informations sheet) – asking to provide information about raw material (cost or market value) etc. - form is not getting validated without filling it.

My query is that Part A (other information) is required to be filled up if person in under audit, I am not under audit, so why this error appears, how to solve this?

(Note I tried to remove this sheet be deselecting it from add new sheets option, but then too this error persist, tried several times)

Replies (5)

Check if you have selected yes to 'whether you are required to maintain  books of accounts?'

Yes, Selected "yes" in you are required to maintain books of accounts. 

So, select 'No' to remove the defect.... Note: there is difference in audit trial & maintaing books...

Thank you Dhirajlal ji for your guidance, but I am little confused.
As Normally I select this every year as YES (maintaining books under section 44AA).
As I file ITR3 due to options trading, to my understanding till now, maintaining books is mandatory for options trader.

Secondly, about current problem, if I am filling up the PART A OI sheet, by filling Raw Material & Finished Goods column by selcting reply "At Cost", then form gets validated without error & json generates.

Confused, as "are you aliable for Audit u 44AB" is selected as NO,  (OI sheet is mandatory for cases liable for audit under 44AB), but here OI sheet error appears at time of Validation in my no audit case, after filling this OI sheet by clicking link in error descripttion, form gets validated without error.

Shall I upload this Json.

You are not liable to tax audit u/s. 44AB......

It is different than You are liable to maintain books of accounts u/s. 44AA....

Select them properly...


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