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Turnover for no accounts case?

krishna vamsi (ca ipcc student) (11 Points)

14 September 2021

Can any one suggest me the maximum turnover upto which I can opt no accounts case in ITR-3.and am I liable to show any min percentage?

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3 Replies

veerendar singh (tax consultant) (3306 Points)
Replied 14 September 2021

Max turnover is 25lacs and max income is 2.5 lacs. even if your turnover is within 25 lacs limit i think you might still be ineligible as your income would probably be more than 2.5 lacs. Do check both criteria before selecting no accounts case.

minimum NP ratio of 8% is required

CA. Sourav Sarkar (Chartered Accountant ) (24588 Points)
Replied 15 September 2021

Agree with above

CA Puja Sharma (Chartered Accountant) (5010 Points)
Replied 15 September 2021

You can opt for presumptive taxation - 44AD or 44ADA or 44AE where no accounts are required to be maintained. You can use ITR 3 or ITR 4 based upon other facts.