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ITR 3 or ITR 4


Emerson.C (Asst., Manager)     19 September 2018

Emerson.C
Asst. Manager 
 3 likes  123 points

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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

 117 likes  1781 points

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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.

avater

Emerson.C (Asst., Manager)     19 September 2018

Emerson.C
Asst. Manager 
 3 likes  123 points

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under presumptive taxation is it applicable for maintain books of accounts

avater

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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avater

Emerson.C (Asst., Manager)     19 September 2018

Emerson.C
Asst. Manager 
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thanks for the information

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

prasad Nilugal
Sr . Accountant and GST Practitioner .  
 331 likes  4984 points

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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 (Asst., Manager)     20 September 2018

Emerson.C
Asst. Manager 
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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

avater

Utpal Das (owner)     20 September 2018

Utpal Das
owner 
 45 likes  269 points

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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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