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Income tax return FY 2022-23

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Amandeep Singh

Private Job

436 Points Posted on 28 October 2023

Respected Sir,

if a person have income from business books of accounts proper maintained ( balance sheet, PL account, trading ac,) turnover Rs.8000000/- Net profit Rs. 700000/- and income from agriculture Rs. 2 Lacs if he not want to opt presumptive income. so can he file Normal ITR3 upload balance sheet pnl
can he face any issues
kindly suggest

Replies (2)

Quick Summary

This discussion clarifies whether an individual with business income (turnover £8m, net profit £700k) and agricultural income (£200k) can file a normal ITR-3 instead of opting for presumptive taxation. The consensus is yes, they can file ITR-3 without issues, provided the source and nature of income are correctly determined.