In one of the case where HUF is the proprietor , IT return was being filed under presumptive scheme by declaring 8% income of the turnover for 3 years. ITR 3 was filed since there was capital gain on shares as well and business income shown under presumptive scheme.
Now in 4th year , business is in losses. So in this case do I need to file ITR 3 with entire balance sheet and profit and loss? Also will it be subject to tax audit since loss?
CAclubindia
