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Presumptive income in itr3

742 views 4 replies
hi

Can I file itr3 for availing benefit of presumptive income scheme when I have capital gains ? My professional income is below 20 lacs.

If yes, then is it ok to fill just item 62
under profit and loss ? Also, can I fill part-A BS showing only cash in hand balance using ' no account case'.
Just wanted to make sure I am not getting any notice for not maintaining pl and bs.

Please let me know if I need to mention anything anywhere in pl and bs.

thanks
Rana
Replies (4)
Yes, You can file ITR 3 when you have a Capital Gain along with Presumptive Scheme Income...

Thanks for replying me Sagar.

Can I just fill item 62 of profit and loss which is for professional us 44ada and balance sheet for ' no account case'  showing some cash in hand value as I have no debtors, creditor and stock ?

 

Thanks

Rana

Yes, you are right.. required to fill just this....for presumptive Taxation....No other details required.

Thanks for your reply Sagar.

 

I have one more question.

I am an Indian resident by birth and earning my professional income from foreign country where money is converted and deposited in hdfc bank India. I am showing this whole income under business profession us 44ada and I have no other foreign income from any other source.

1. Shall I need to say yes/no in item no 14 under Part b - TI TTI  ? It says do I have any time during the previous year III) have income from any source outside India ? If I say yes then I need to again fill schedule FA.

And in schedule FA - AI to A4 , B,C,D,E and F is not applicable for me.

 FA - G says Detail of any other income derived from any source outside India which is not included in above A to F and income under the head of business or profession. 

As I said before I am showing my entire  income from profession under business income therefore can I choose  'No' in item no 14 (III) in part b - TI TTI ?

Eagerly waiting for your reply.

Thanks

 


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