Save Rs 499 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Filing of ITR

245 views

Save Share

Join Us Follow Us Add as Source

vikram chouhan

131 Points Posted on 31 January 2021

can an assessee file his ITR-3(with P&L, BS feeding) having business income but not required to get it account audited.

Replies (6)

Quick Summary

This discussion clarifies that an assessee can file ITR-3, even with business income and profit & loss/balance sheet details, if they are not required to get their accounts audited. It explains that filing an Income Tax Return (ITR) and the compulsory audit of accounts are distinct concepts governed by different sections of tax law. The possibility of revising an ITR is also confirmed.

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 31 January 2021

Yes you can file ITR-3

CA. Sourav Sarkar

Chartered Accountant

24588 Points Posted on 31 January 2021

Yes file itr 3

sabyasachi mukherjee

Profession Business

28246 Points Posted on 01 February 2021

Pls mention net turnover from your business or income.
All the business verticals hv same income levels.

Charan Singh

2 Points Posted on 01 February 2021

Can I revise my itr
I have received return

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 01 February 2021

YOU CAN REVISE IT

sabyasachi mukherjee

Profession Business

28246 Points Posted on 05 February 2021

Filing itr is a deifferent scenario and compulsory audit of accounts is a different concept altogether.
Auddit of accounts is guided by DIFFERENT SECTIONS.
THERE NEEDS TO BE UPPER LIMIT OF TURNOVER.
BUT TO MY KNOWLEDGE , Its better to start the business .After 1 year of successful operation certainly you will understand.