Need help regarding itr 3
This query is : Resolved
17 August 2018
I'm an allopathic doctor by profession. I earn a regular salary from my employer. I also have a private practise through which I earn income (This part is eligible for a no accounts case).
I have a small capital gains earned through sale of shares in the last FY.
2)I have already consulted a CA. He is insisting on filling audit information which Is Part A - BS which includes Proprietors funds, applications of funds etc instead of using number 6 (No accounts case) where only the amount of sundry debtors, total sundry creditors, amount of stock in trade, amount of cash balance is required.
Similar is the situation for Part A- P&L.
3) also what is my profession/business code? The CA wants to type in 16019 - other professional services
Why can't codes under Healthcare be used here?
I have a small capital gains earned through sale of shares in the last FY.
2)I have already consulted a CA. He is insisting on filling audit information which Is Part A - BS which includes Proprietors funds, applications of funds etc instead of using number 6 (No accounts case) where only the amount of sundry debtors, total sundry creditors, amount of stock in trade, amount of cash balance is required.
Similar is the situation for Part A- P&L.
3) also what is my profession/business code? The CA wants to type in 16019 - other professional services
Why can't codes under Healthcare be used here?
17 August 2018
if your gross receipts are below 50 lakhs, there is no need to fill the accounts information. use the code 18017
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17 August 2018
Thanks Mr Nikhil Kaushik.
I forgot to mention this in the query but I was quoted that once ITR is filed, it will automatically generate the following response. Which is why the insistence that those particulars have to filled.
This was the response to someone else's filed it returns.
" Your Income Tax return ITR-3 uploaded for AY 2018-19 has the following defect(s)
1 Defect Impact : Income from "Profits and Gains from Business or Profession" is greater than 1.2 lakhs but particulars as in "Balance sheet/Profit &. Loss Account" are not filled. Income Tax Return may be treated as defective if particulars in "Balance sheet/Profit &. Loss Account" are not filled
Suggested Resolution: Please fill Balance sheet/Profit & Loss Account"
I forgot to mention this in the query but I was quoted that once ITR is filed, it will automatically generate the following response. Which is why the insistence that those particulars have to filled.
This was the response to someone else's filed it returns.
" Your Income Tax return ITR-3 uploaded for AY 2018-19 has the following defect(s)
1 Defect Impact : Income from "Profits and Gains from Business or Profession" is greater than 1.2 lakhs but particulars as in "Balance sheet/Profit &. Loss Account" are not filled. Income Tax Return may be treated as defective if particulars in "Balance sheet/Profit &. Loss Account" are not filled
Suggested Resolution: Please fill Balance sheet/Profit & Loss Account"
17 August 2018
means you must filled the ITR wrongly. You planning to file revised return now?
17 August 2018
No sir. I'm yet to file a return. I was quoted this example saying it would lead to such a reply if we don't fill it. Hence all this confusion.
Another confusion is I'm not a stock trader. I happen to have short term capital gains from selling a few shares. But I have to mention it and that's why I have to fill itr.
Another confusion is I'm not a stock trader. I happen to have short term capital gains from selling a few shares. But I have to mention it and that's why I have to fill itr.
17 August 2018
you need to fill the return properly. There wont be any defect. If your CA doesn't know how to file, find a better CA.
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