Can one can file ITR 3 if he is maintaining books under section 44AA but his turnover below 1crore
and want to disclose profit below 8%/6%
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Filing of ITR 3
Replies (5)
Quick Summary
YES, PROVIDED SEC. 44AD(4) NOT APPLICABLE IN HIS CASE.
That means if any assessee has not filed any return under section 44AD in previous year can show profit below 8% or 6% without audit
YES....
The Current ITR3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from the following sources are eligible to file ITR 3 : Carrying on a business or profession. If you are an Individual Director in a company.
Yes you can file ITR 3 without audit. - In case of intraday, turnover is sum of profit and losses earned. You can pay tax on 6% of turnover and file ITR-3 without audit. Since your salary is above 250000 you will be required to get your accounts audited as your business income would be below 8%.
REFER .... INCOME TAX AUDIT REGARDING [Resolved] | Income Tax (caclubindia.com)
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