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Only business income of rs 4lakh for itr 3

preety sharma (26 Points)

22 August 2020

is it mandatory to prepare Computation of income??

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Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 23 August 2020

No, it's not mandatory to prepare computation of income.
Computation of income is for your reference purposes that how you calculate your income and tax liability their on.
It's can be useful for other purposes like in loan from bank, for credit card, for visa purpose ect. and asked by department also at time of scrutiny assessment.

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