No account case itr 3 for ay 2018-19

ITR 1320 views 4 replies

Atharvan Arjuna

Partner

27 Points Joined July 2018

I tried to file ITR 3 for AY 2018-19. we are not maintaining the regular books of accounts.
Please clarify the below questions.
1. Our gross receipt is 74905. we are declaring Presumptive income @ 10 % thereon. so our income is 7491. We also paid tax 2314.
Then in the P & L No Account Case section what should be
gross profit?
net profit?
and expenses? (direct + indirect expenses or only indirect expenses)

(we are providing web hosting services)

2. In Balance sheet(B/S) section, Amount of cash balance means in (No Account case (6))

Cash in hand or
cash in hand + bank balance

Thanks

Replies (4)

CA Sunil Kumar

Chartered Accountant

4524 Points Joined July 2014

It would be better to file itr 4 if you want to avail the benefits of presumptive taxation scheme under section 44AD as are declaring 10% income.

Atharvan Arjuna

Partner

27 Points Joined July 2018

Thanks for your reply sir. could please answer the above questions in case of itr3

ABHIJIT MANNA

ACCOUNTANT

447 Points Joined July 2016

Why will u file ITR3, it will be better to file ITR4 u/s 44AD and if u have no any data, fill onLY Sundry debtor, creditor, cash and stock (if any), cash in hand means only cash balance, there are also a coloumn of Bank, u can put your bank balance separately.

Atharvan Arjuna

Partner

27 Points Joined July 2018

Thanks again.

i am a partner in a firm. we share profit (50/50). we are not maintaining the regular books of accounts. Our nature of business is 14005 - other IT enabled services. And we are declaring Presumptive income @ 10 %. Gross recipt is 74905 we already filed ITR4 for our partnership firm.

Now i need to file my (individual) returns. my income comes from profit in the firm and income from other source (interest from Fixed Deposit). Which ITR form is applicable for me.? please