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

Replies (9)
Quick Summary
This discussion addresses a client's need to file tax returns for two heavy trucks (over 12mt). While ITR 4 is suggested due to owning fewer than 10 trucks, it results in a high tax liability. The user inquires about using ITR 3 to potentially reduce tax, but it's clarified that ITR 3 is only applicable if the number of trucks exceeds 10 at any point. Maintaining books of accounts is compulsory if turnover exceeds £25 lacs, but this doesn't automatically qualify for ITR 3 in this specific scenario.

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 .

But huge tax in itr4

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

But I maintain books of accounts.

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 .

Yes sir my T/O is exceed 25lacs

Then you have to maintain the Books of accounts Compulsory .

So can I file itr3 for this aseessee

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

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