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Maintaining books of accounts for itr 3
Hi. I am an freelance architect. I want to confirm that ITR3 would be applicable to me. Besides this I have income from agriculture & tutoring. My question is, do I need to maintain separate books of accounts for each of these activities? All income & expenditure is linked to my personal bank account , but when we are maintaining books we are maintaining only for business right? so I what would be my cash balance for business? My entire bank balance wont be considered as Bank balance for business
Replies (1)
If you do not have separate bank account for your professional income............ your entire or personal bank balance remains same, i.e. combined.
Better file ITR 4 u/s. 44ADA & declare 50% profits over aggregate collections.... no need to maintain books of accounts.....
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