I have filled ITR3 and filled P&L item NO 62 COMPUTATION OF PRESUMPTIVE INCOME FROM PROFESSIONS UNDER SECTION 44ADA, as i do technical consultancy which comes under presumptive income. i have maintained any books for audit. Further this is the first year where i have income from consultancy else i use to get salary so i have not filled item 64 asking for previous year details. further in Balance sheet Item 6 the sundry debtor, sundry creditor, total stock in trade and cash balance is shown zero or nil.
ITEM 6 of Balance sheet. In a case where regular books of account of business or profession are not maintained -(furnish the following information as on 31st day of March, 2019, in respect of business or profession).
a.Amount of total sundry debtors
b.Amount of total sundry creditors
c.Amount of total stock-in-trade
d.Amount of the cash balance
Is this OK or any thing i need to do. However i got a mail on uploading the ITR3 with following defect. Pl advice
Your Income Tax return ITR-3 uploaded for XXXXXXX and AY 2019-20 has the following defect(s)
| S.No. | Defect | Impact | Suggested Resolution |
|---|---|---|---|
| 1 | Income from "Profits and Gains from Business or Profession" is greater than 1.2 lakhs but particulars as in "Balance sheet/Profit & Loss Account" are not filled | Income Tax Return may be treated as defective if particulars in "Balance sheet/Profit & Loss Account" are not filled | Please fill Balance sheet/Profit & Loss Account |
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