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ITR3 option
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
Replies (27)
Quick Summary
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
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
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
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
One more thing once you opt out of presumtive taxation, you can't opt in for next 5 years
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 ?
Opted for Presumptive Taxation in 2020-21.
What will be consequence ?
You can opt out from presumptive taxation in 21-22 but can't opt for next 5 year i.e. till 2025-2026.
But turnover 3 Crores .
Is Presumptive Taxation applicable?
Is Presumptive Taxation applicable?
Only if your cash transaction is less than 5% of overall trnasactions.
This is irrelevant.
What is relevant?
What is irrelevant????
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 ?
Opted for Presumptive Taxation in 2020-21.
Will the Audit applicable for 2021-22 ?
Applicable.
But if your cash transactions are less than 5% of all transactions you can opt presumptive taxation @ 6%
But if your cash transactions are less than 5% of all transactions you can opt presumptive taxation @ 6%
Even if turnover is 100 Crores ?
No only upto 10 Crores
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