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No account case for itr-3

RAHIL (ACCOUNTANCY) (247 Points)

01 April 2018

I have got only Turnover and profit figure, but the actual profit is much lower than 8% of turnover , so I cannot opt 44AD. I have not got full details of P&L and BS. So Can I select NO ACCOUNT CASE in ITR-3?

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24 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 01 April 2018

Only if you wish to declare minimum 6/8% profit over (eligible business) turnover...

2 Like

RAJA P M ("Do the Right Thing...!!!") (127129 Points)
Replied 01 April 2018

Yes... I agreed to Mr Dhirajlal Rambhia Sir.,

If You will select "NO BOOKS OF ACCOUNTS" case then You ll show the Profit at least 8%...

1 Like

RAHIL (ACCOUNTANCY) (247 Points)
Replied 01 April 2018

But the turnover is below the limit mentioned in section 44AA.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 01 April 2018

No problem..... in that case your aggregate income would be below BEL !!

2 Like

sanya pasricha (11 Points)
Replied 25 July 2018

Sir I have a query ..if a person filed return under section 44AD 2 years ago .nd in ITR 3 in next two years in No books of Account Case despite of the fact that 44AA limits were crossed... No defect raised by the department...Can he continue to do so ..that can he file under no books of account case

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160327 Points)
Replied 25 July 2018

ITR3 can also be used for presumptive assessment u/s. 44AD...... which means 'No books of accounts maintained' (along with capital gains declaration)

So, whether you file ITR4 or ITR3 it is presumed to be assessed u/s. 44AD......

3 Like

sanya pasricha (11 Points)
Replied 25 July 2018

Thank u sir .so .in that case i will have to show profit more than 6/8 %...but not under 44AD..

chirag lalwani (12 Points)
Replied 08 August 2018

Sir,

I have income from consultancy (Professional Engineering consultancy), equity delivery and intraday. What I thought was to declare my professional income under 44ada in presumptive income (in no account case section in itr 3) and intraday (not a income but a loss to carry forward to next years) as my business income accordingly in p&l statement. But to be safe as this was my first year with stocks investment/trading, i appointed a ca, who provided my professional consultancy income as Business(sales of services) and intraday losses as short term capital losses. What am i missing ? or was i wrong ? Kindly help if possible in order to understand this. Thanks in advance

Yogendra (Construction & Engineering) (56 Points)
Replied 23 August 2019

This is regarding AY 2019-20.

Since I have unlisted shares (initially listed & then delisted both from BSE & NSE) & don't maintain books of accounts of business, ITR-3 is applicable for me. My business is of building construction & maintenance.

I've been filing my business returns since past few years U/s 44AD @ 6% / 8% (as applicable) in ITR-4.

My query is, for AY 2019-20, in P&L section of ITR-3, should I fill :

Item 61 (COMPUTATION OF PRESUMPTIVE BUSINESS INCOME UNDER SECTION 44AD)

Item 64 (IF REGULAR BOOKS OF ACCOUNT OF BUSINESS OR PROFESSION ARE NOT MAINTAINED, furnish the following information for previous year 2018-19 in respect of business or profession).

If I fill both, the business income is getting doubled. I have tried on the latest ITR-3 JAVA software dated 19-08-2019 (PR 3.2).

And in which of the above case should I fill NO ACCOUNTS CASE in Balance Sheet?

Please suggest.