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Nilesh (Business)     17 September 2021

Is Gross Turnover same as Sales/ Gross receipts in Trading Account(ITR3)?

I had started an Individual Proprietorship Business last year Fy20-21and have shown profits more than 8% of Sales/ Gross receipts of business (net of returns and refunds and duty or tax,)  in Trading Account (ITR-3).

However,after complete verification of the online ITR-3 return ,I am provided a Defective Return Prompt(refer above images) -

"You claimed income less than 8% of the Gross Turnover and Audit information is not filled."

How is Gross Turnover Computed in ITR3 and even when profits shown are more than 8% of gross sales then why is the defective notice prompt being shown?

 



 3 Replies

Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     17 September 2021

It seems, you have declared the gross profit more than 8%; (in trading account) and not the net profit as derived from the P&L acc. !!

Nilesh

Nilesh (Business)     19 September 2021

Thanks for the reply,both profit values are the same......If ITR3 is filed with the TAXCODE 16019 (Other professional services n.e.c.) does one still have to declare profit above 50% (even if the books are disclosed)?

Dhirajlal Rambhia

Dhirajlal Rambhia (SEO Sai Gr. Hosp.)     19 September 2021

NO. For this code 8% is minimum, and not 50%. You have been prompted for 8%, where is the question of 50% margin?

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