Go AD-FREE with CAclubindia PRO. Use Code: CADAY10. Subscribe Now!

ITR 3 NO ACCOUNT CASE INTRADAY

Vikash (G) (393 Points)

14 June 2024

If having income from Intraday and stcg can we file Itr3 No account case

Reply
Follow
Share

18 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195209 Points)
Replied 14 June 2024

Yes, if the assessee satisfies the condition as per sec. 44AA IT act.

Vikash (G) (393 Points)
Replied 14 June 2024

What condition sir

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (195209 Points)
Replied 14 June 2024

Every person carrying on business or profession [not being a profession referred to in sub-section (1)] shall,—

(i) if his income from business or profession exceeds one lakh twenty thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession exceed or exceeds ten lakh rupees in any one of the three years immediately preceding the previous year; or

(ii) where the business or profession is newly set up in any previous year, if his income from business or profession is likely to exceed one lakh twenty thousand rupees or his total sales, turnover or gross receipts, as the case may be, in business or profession are or is likely to exceed ten lakh rupees, during such previous year; or

(iii) where the profits and gains from the business are deemed to be the profits and gains of the assessee under .; or

(iv) where the provisions of sub-section (4) of sec 44AD are applicable in his case and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,

keep and maintain such books of account and other documents as may enable the Assessing Officer to compute his total income in accordance with the provisions of this Act:

Provided that in the case of a person being an individual or a Hindu undivided family, the provisions of clause (i) and clause (ii) shall have effect, as if for the words "one lakh twenty thousand rupees", the words "two lakh fifty thousand rupees" had been substituted :

Provided further that in the case of a person being an individual or a Hindu undivided family, the provisions of clause (i) and clause (ii) shall have effect, as if for the words "ten lakh rupees", the words "twenty-five lakh rupees" had been substituted.