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Filing of ITR 3

29 November 2021

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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5 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 29 November 2021

YES, PROVIDED SEC. 44AD(4) NOT APPLICABLE IN HIS CASE.

1 Like

Aman Jain (18 Points)
Replied 29 November 2021

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

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160322 Points)
Replied 29 November 2021

YES....

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debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 29 November 2021

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%.