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ITR3 option

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1 Points Joined November 2020
client is below 2crore, I would not like to opt for presumptive (ITR4). Isp that mandatory tax audit should comply and report should prepare with ITR 3
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On 10 June 2022 at 17:03 Report
Replies (27)
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Chartered Accountant
86505 Points Joined April 2011
No if you are opting for presumtive income u/s 44AD then no need to get your accounts audited . The limit was Rs. 2 crire
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On 10 June 2022 at 23:58
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CFO- at NHTF
58280 Points Joined August 2012
Is it business or profession ?

As you have mentioned 2 Crores limit , Iam answering it by considering as business.

If the profit is above 8%/ 6% then ITR can be done without Presumptive and without tax audit
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On 11 June 2022 at 08:07
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Chartered Accountant
86505 Points Joined April 2011
As you don't want to opt for presumptive, you have to compulsorily get your account audited.

One more thing once you opt out of presumtive taxation, you can't opt in for next 5 years
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On 13 June 2022 at 23:10
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CFO- at NHTF
58280 Points Joined August 2012
What if turnover 1.5 Crores in 2020-21 and 3 Crores in 2021-22 .

Opted for Presumptive Taxation in 2020-21.

What will be consequence ?
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On 13 June 2022 at 23:13
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Chartered Accountant
86505 Points Joined April 2011
You can opt out from presumptive taxation in 21-22 but can't opt for next 5 year i.e. till 2025-2026.
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On 13 June 2022 at 23:14
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CFO- at NHTF
58280 Points Joined August 2012
But turnover 3 Crores .

Is Presumptive Taxation applicable?
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On 13 June 2022 at 23:16
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Chartered Accountant
86505 Points Joined April 2011
Only if your cash transaction is less than 5% of overall trnasactions.
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On 13 June 2022 at 23:42
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Profession Business
28196 Points Joined May 2017
This is irrelevant.
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On 14 June 2022 at 05:45
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CFO- at NHTF
58280 Points Joined August 2012
What is relevant?
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On 14 June 2022 at 07:45
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Chartered Accountant
86505 Points Joined April 2011
What is irrelevant????
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On 14 June 2022 at 08:37
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CFO- at NHTF
58280 Points Joined August 2012
What if turnover 1.5 Crores in 2020-21 and 3 Crores in 2021-22 .

Opted for Presumptive Taxation in 2020-21.


Will the Audit applicable for 2021-22 ?
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On 14 June 2022 at 20:35
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Chartered Accountant
86505 Points Joined April 2011
Applicable.

But if your cash transactions are less than 5% of all transactions you can opt presumptive taxation @ 6%
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On 15 June 2022 at 02:25
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CFO- at NHTF
58280 Points Joined August 2012
Even if turnover is 100 Crores ?
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On 15 June 2022 at 08:16
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Chartered Accountant
86505 Points Joined April 2011
No only upto 10 Crores
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On 16 June 2022 at 08:06

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