No account case for itr-3

Page no : 2

Sandip Kumar Halder (Professional) (48 Points)
Replied 29 December 2021

@ Chirag, can you please share the business code used for sale of services

Sandip Kumar Halder (Professional) (48 Points)
Replied 28 July 2022

same rule applicable for no account case like presumptive. with respect to income threshold(means below 1 crore/ 50L for prof). is there any limitation for continuous 5 years to be follow like presumptive?

Jai shree Narayan (Self) (33 Points)
Replied 25 June 2023

Suppose if we have income less than 8%, whether we can show income 8% of turnover??? Is that legal???

hareesh p (7 Points)
Replied 06 July 2023

Hi sir,

Iam facing an issue when fling under no account case in ITR 3. Under validation error it is saying that "income is more than 2.5 lakhs but BS & P&l is not entered". i have provided balance sheet details also under no account case.

How can i change that error? When i give yes for 44AD in audit section and then file no account case then no error comes up.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160445 Points)
Replied 06 July 2023

Unless you declare the income u/s. 44AD, you are not eligible to opt for No Account Case. So either file ITR 3 with books of accounts maintained... there by fill schedules Trading, P&L & BS in details. or file the ITR u/s. 44AD IT act.

hareesh p (7 Points)
Replied 07 July 2023

Thank you sir for the clarification.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160445 Points)
Replied 07 July 2023

Most welcome.

hareesh p (7 Points)
Replied 07 July 2023

Sir but now even after selecting 44AD in details section, and filing under no account case the same error is coming. i dont know why it went through before.

i have selected no under 44AA and yes in 44AD. entered both b/s and p&l in no account case.

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160445 Points)
Replied 07 July 2023

If you opted for sec. 44AD for your business. you don't need to file BS & P&L acc in details. Only few details are required to be filled in Section C of Schedule BS in ITR 3.

If you do not have any declaration of Capital gains, then better to file ITR 4 under sec. 44AD.

Arpit (Manager) (22 Points)
Replied 15 July 2023

I have turnover of more than 3Crs in FY 2022-23. Profit is declared above 6% Still in ITR 3 I can fill details in No account cases and its not showing any error and all validations were successful. Hope it will not reject the returns later on.