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No accounts case
I have Salary income of Rs. 10 lakhs & Also professional receipt of Rs. 110,000. STCG Rs.12000.
Can I show Rs.1.1 lakhs as professional receipts as "no accounts case return" in ITR3 for FY 2016-17 or shall I have to give balance sheet for it.??
Replies (5)
If the professional income is eligible for section 44ADA.......... No need for BS & P&L acc filling....
he has income under all heads .. say... CG + Salary + HP + other source... So no question of 44ADA comes into picture
Yes, if TDS u/s. 194J not deducted for the professional receipt of 1.1L !!
Yes. TDS is deducted for professional receipts.
So, Can I File ITR 3 for FY 2016-17 with "no accounts case" for professional income ?? or
Shall I have to prepare balance sheet for it.
Yes, ITR 3 can be filed for all the incomes, including PGBP u/s. 44ADA..
If presumptive income u/s. 44ADA declared 50% or more.......... No need of P&L acc and BS...... but few details as per ITR..........
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