The assessee has declared his income last year and filed form ITR 3 as there was a business income declared U/s.44ADA. He has GST number also. However, in last financial year (2023-24 AY: 2024-25), he does not have any business income. His income comprises of bank interest and long term Capital Gain. Which form he has to use ITR 2 or ITR 3? As old regime is beneficial to him, question is can he file ITR 2 where opting for Old regime is simply by selecting while filing return? Or he has to file form 10-IEA and ITR return 3?
08 July 2024
Thank you Sir. Could you please guide me what will happen to his status next year? Whether he can continue filing his return U/s. 44AD/44ADA if there is Business or Profession Income next year? Or he will be considered to be opted out of presumptive taxation and has to get accounts audited u/s. 44AB? Pleas clarify.
08 July 2024
No opted out. He can continue with sec. 44AD assessment. Considering the development in ITD since last two three years, I would suggest to file ITR 3 with sec 44AD continued with just Rs. 1 as turnover..
CAclubindia
