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Itr-3 business turnover limit in no accounts case

ITR 2981 views 5 replies

Sir, I have a client having the Business of Medical Store who got a Turnover of Rs. 27,82,000/- in the Asst. Year 2018-19. 

My question is, may I file ITR-3 No Accounts Case in P & L Sheet Sl. 64. (IF REGULAR BOOKS OF ACCOUNT OF BUSINESS OR PROFESSION ARE NOT MAINTAINED, furnish the following information for previous year 2018-19 in respect of business or profession) with Gross Receipt, Gross Profit, Less Expenses & Net Profit.

Just to avoid ITR-4 filling up of full Balance Sheet Details.

As in ITR-3 only Cash, Stock, Creditors & Debtors are mandatory.

And also suggest me that till whatTurnover Limit I can fill No Accounts Case in ITR-3.

Thanks & Regards

Digbijoy Ghosh

Advocate

Replies (5)

You may do that.

Turnover limit for any business income declared under presumptive assessment is upto 2 Crs.

I have income of 5lacs from commission as Lic agent and net profit is 350750. Am i require to prepare mandatorily balance sheet and p&l or can i put data under "no account case". Please let me know in what case i can file under no account case.
Balance sheet with Cash, stock, creditors and debtors balance must be filled.
Sir in case of no account case where it is to be shown insurance commission? And commission is more than 2 lacs... and there is refund?.

If you mean to say, insurance commission earned........ It cannot be declared under 'No account case'

You have to offer the income under normal assessment, by preparing P&L acc & BS.


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