I noticed that there are three sections in the P&L section of ITR-3 that appear to be relevant for showing business income when regular books of account are not maintained. If I want to show speculative income without maintaining books, I understand the following:
- 61AD – Using business code 21009 – Speculative Trading, we can show speculative income. However, the profit should be more than 6%.
- 64 – “If regular books of account of business or profession are not maintained,” I think speculative income can also be shown here.
- 65 – This section is specifically meant for speculative activity.
My question is: If the turnover is less than ₹10,000 and there is a net loss, which section should be used?
CAclubindia
