ITR 3 or ITR 4


Emerson.C (Accounts Executive)     19 September 2018

Emerson.C
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Hi,

My friend is doing textile business and
who wish to file his income tax return for fy.17-18. So pls help which ITR is applicable whether ITR 3 or ITR 4 and he does not have any other income except business income and has not maintained books of accounts for shop.

prasad Nilugal   19 September 2018

prasad Nilugal

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For f.y 2017-18 if his income from business exceed s one Lac twenty thousand ,he has to maintain books accounts as per section 44AA of Income Tax act 1961.

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Emerson.C (Accounts Executive)     19 September 2018

Emerson.C
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under presumptive taxation is it applicable for maintain books of accounts

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rama krishnan   19 September 2018

rama krishnan

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if your total turnover doesn't exceeds 2crores, you can opt for 44ad and there's no necessary to maintain prescribed books of account specified in 44aa but you are required maintain books to compute your total turnover

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Emerson.C (Accounts Executive)     19 September 2018

Emerson.C
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thanks for the information

prasad Nilugal (Accountant and GST Practitioner . )     20 September 2018

prasad Nilugal
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Even you opt 44Ad , some of the information like Sundry creditors, Debtors , Stock, Cash are mandatory in ITR 4 ,if you opt 44AD

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Emerson.C (Accounts Executive)     20 September 2018

Emerson.C
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but till date he has not maintained above books and his turn over comes below 25 lacs pa so request to kindly guide us what are the basic details require before filing the ITR returns

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Utpal Das (owner)     20 September 2018

Utpal Das
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He can opt for 44ad and there's no necessary to maintain prescribed books of account; by declaring minimum 8% profit over turnover.

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