Itr 3 for ay 2018-19 no account case

5630 views 12 replies

Atharvan Arjuna

Partner

27 Points Joined July 2018

I tried to file ITR 3 for AY 2018-19. This is my first year . we are not maintaining the regular books of accounts.
Please clarify the below questions.
1. Our gross receipt is 74905. we are declaring Presumptive income @ 10 % thereon. so our income is 7491. We also paid tax 2314..Then in the P & L No Account Case section what should be
gross profit? (7491 or anyother?)
net profit? (7491-2314 or - all expenses)
and expenses? (direct + indirect expenses or only indirect expenses)

(we are providing web hosting services)

2. In Balance sheet(B/S) section, Amount of cash balance means in (No Account case (6))

Cash in hand or
cash in hand + bank balance

Thanks

Replies (12)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210168 Points Joined July 2016

My reply is based on your other query, that you have already filed ITR4 for partnership firm......

& now trying to file partner's ITR.......

Partner has to file ITR3 only (no opther option for AY 2018-19)

The profits from partnership firm will be tax-free in the hands of partner.

If the individual doesn't have any proprietorship concern, then no need to fill P&L acc & BS....... (in sr. 6 of BS except cash, all other things can be '0')

Choose code of business ...as '00001' 'Share of Income from firm only'. ....

Choose 'No accouts to be maintained' in General Incormation'

Fill details of partnership concern in Schedule IF.....

Instruction to fill ITR 3 is attached for your guidance..... but otherwise take help of TRP to file return..

Good Luck ...

Aishwarya

Student

4 Points Joined March 2017

Hello sir,My question is:

I have tried to file ITR3 using Indian Income Tax Return Preparation Utility(Offline Facility).In that i would like to Choose No Accounts Case,but it was not enabiling to enter Values-showing that The cell you are trying to Change is protected.

Thanks.

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210168 Points Joined July 2016

First select status of assessee like Resident, fill PAN & other mandatory fields of General Information...

Aishwarya

Student

4 Points Joined March 2017

Thanks for the Reply sir,

I Have entered all the fields(incl. Mandatory) as mentioned above,And Selected the Business Code of 00001:-Share of Income from Partnership Firm .As there are No Accounts i Would like to enter in No Accounts Case,but i was not able to enter values in such case.

Yogendra Kumar Jain

Account Manager

22 Points Joined March 2015

Sir

plz once clear that what are the difference between "No Account Case" and 44AD, plz clear with any example...

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210168 Points Joined July 2016

All presumptive assessment provisions like sec. 44AD. Sec. 44ADA, Sec. 44AE etc.......

And also the cases where sec. 44AA is not applicable for mandatory maintaining books of accounts ....

fall under 'No account case' category.

bhavin

10000

25 Points Joined June 2013

Sir my client Turnover Rs. 680500 and net profit Rs 271230 and also agriculture income 156742. What should i select SECTION 44AD PRESUMPTIVE BUSINESS INCOME OR NO ACCOUNT CASE.