File of income tax itr-3

This query is : Resolved

birjesh (Querist)
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02 August 2018 Dear All,
I am an individual and having 2 separate business which are covered under presumptive taxation scheme U/s 44AD but can not file return ITR - 4 due to reason that, I have short term capital gain and dividend above 10 lac.
Under the above situation i can file only ITR -3. Can any expert advise me how to file ITR-3 for both the business incomes. Can i consolidate both the P&L account and balance sheets and consolidated figures be placed in the ITR-3.
If i avail the benefit of Section 44AD for both the business then how to incorporate figures in ITR - 3

Regards
Birjesh

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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02 August 2018 Opt 44AD for both the business and give consolidated figure of turnover debtors, creditors etc. Select no account case and need not fully bs and p and l.

Thiyagarajan Kandasamy

Thiyagarajan Kandasamy (Expert)
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03 August 2018 yes as per the Seetharaman sir point correct, only one thing we have to see your profit will be crossed more than 8% that is very important if not it was below 8% then separate ITR has to be prepare that's the only rules as per the SEC 44AD

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