Opting ITR Form
This query is : Resolved
20 June 2022
An individual wants to file his Income Tax Return. He has basically 2 following sources of Income-
1. Business Income
2. Capital Gain from sale of shares
Earlier, he was filling ITR-4(Sugam) as he was declaring his business income under Section 44AD but now due to capital gain on sale of shares he has to file ITR-3
So, now can he still show his business income under Section 44AD and give only those details of Balance sheet that is required to be filled in 44AD business income case as regular books of accounts is not maintained by him.
Or he has to fill all the details of Balance Sheet and Profit & Loss as in the case of regular books of accounts.
Please advise and clear my doubt
If possible please attach some links of notification from the official govt. website for the resolution of this querry
1. Business Income
2. Capital Gain from sale of shares
Earlier, he was filling ITR-4(Sugam) as he was declaring his business income under Section 44AD but now due to capital gain on sale of shares he has to file ITR-3
So, now can he still show his business income under Section 44AD and give only those details of Balance sheet that is required to be filled in 44AD business income case as regular books of accounts is not maintained by him.
Or he has to fill all the details of Balance Sheet and Profit & Loss as in the case of regular books of accounts.
Please advise and clear my doubt
If possible please attach some links of notification from the official govt. website for the resolution of this querry
20 June 2022
He can still show his business income under Section 44AD and give only those details of Balance sheet that is required to be filled in 44AD business income case as regular books of accounts is not maintained by him.
21 June 2022
@CA R Seetharaman
Sir, In past years few of our assessee got notice of defective return for not filling details of Balance Sheet of regular books of accounts.
Can, you please advise how we can avoid these notices?
Sir, In past years few of our assessee got notice of defective return for not filling details of Balance Sheet of regular books of accounts.
Can, you please advise how we can avoid these notices?
21 June 2022
Select no account case and opt for 44AD and fill details in balance sheet 44AD details turnover debtors creditors bank balance has to be filled.
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