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Itr-3 - brokerage income
I am going to file ITR-3 for F.Y. 2016 - 17 using nature of business code 0402-Estate Agents since I am broker of real estate. What if I file my income tax return where I will write yes in column asking whether liable to maintain books u/s 44AA but in P & L A/c I will write total gross receipt earned and will show gross expenses @ 50%. Is this ok?
Replies (2)
No, you have to choose the option for not maintaining books u/s 44AA. If you do so, you will get notice u/s 139(9) for filling up the P&l and Balance Sheet {Govt. Format}
But as per Income Tax Rule person earning income through brokerage or commission are liable to maintain books u/s 44AA
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