If any individual businessman gets a turnover of ₹ 7,00,000 and earns a net profit of ₹ 3,00,000 and opts for 'NO ACCOUNT CASE' in ITR -3, will there be any defection in ITR ?
As per.the section 44AA of the.Income Tax act 1961 ,If your profit exceeds 2,50,000/- or turnover exceeds 25lacs , you have to maintain books of accounts .
In this case he should have to maintain the books of account you can make it instead by taking the the details and make the financial statement profit and loss and balance sheet and then file the itr 3 in my opinion
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