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cro0196097 mohd hafiz   14 September 2021

Return for heavy truck

My client have 2 heavy truck (more than 12mt) he wants to file return but if we file through itr 4 44AE huge Amy of tax levied. Is any alternative to avoid tax liability in itr 3. Suggest me thanks 🙏 in advance



 9 Replies

prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     14 September 2021

Dear Mohd Hafiz
If number of trucks owned any time exceeds 10 then only ITR 3 applicable , So I think you have to file ITR4 only .
1 Like
cro0196097 mohd hafiz

cro0196097 mohd hafiz   14 September 2021

But huge tax in itr4

prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     14 September 2021

But if you file ITR 3 , It become Invalid , So I think you should file ITR 4 as per rules and regulations .
cro0196097 mohd hafiz

cro0196097 mohd hafiz   14 September 2021

But I maintain books of accounts.

prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     14 September 2021

As per section 44AA , if your profit is exceeds 2.5 lacs or your turnover is exceeds 25 lacs then to maintain books of accounts is compulsory .
cro0196097 mohd hafiz

cro0196097 mohd hafiz   14 September 2021

Yes sir my T/O is exceed 25lacs

prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     14 September 2021

Then you have to maintain the Books of accounts Compulsory .
1 Like
cro0196097 mohd hafiz

cro0196097 mohd hafiz   14 September 2021

So can I file itr3 for this aseessee

prasad  Nilugal

prasad Nilugal (Sr . Accountant and GST Practitioner . )     14 September 2021

No , I don't think so . It is clearly mentioned in ITR 3 , applicable only for more than 10 trucks .

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