No, the above quoted provision shall be applicable if you use ITR-4.
| Originally posted by : JAYKISHAN PATEL | ||
 |
you mean to say if I file ITR-3 with lower than 8% or 50% profit (without maintaining Accounts) then also it is correct. ??? |  |
ITR 3 and ITR 4 are the two forms applicable to taxpayers earning income from business and profession. Where ITR 3 applies to income from business profession, salary and other sources; ITR 4 applies to taxpayers who opt for declaring income under the presumptive scheme. Here are some more interesting facts about these ITR forms.
| Originally posted by : JAYKISHAN PATEL | ||
|
you mean to say if I file ITR-3 with lower than 8% or 50% profit (without maintaining Accounts) then also it is correct. ??? | |
Yes. If you opt for presumptive taxation subject to the eligible nature of your business then you have to file your return through ITR-4 and in that case only 8%, 50% applicable.
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