Presumptive income for professionals u/s 44ada form itr 4

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Querist : Anonymous

Querist : Anonymous (Querist)

19 May 2018 Professionals in individual capacity and offering various expertise on contract basis are allowed to declare 50% of the gross receipts u/s 44ADA and can file the return of income in ITR 4 for AY 2018-2019
However ITR form 4 does not have provision for recording short term capital gain on sale of shares which attracts a special rate of tax and how will this be handled whilst preparing ITR 4
Alternatively which form can be used in lieu of ITR 4
Please advise

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 May 2018 You have to file ITR 3

Querist : Anonymous

Querist : Anonymous (Querist)

19 May 2018 In form 3 one cannot claim the benefit of section 44ada

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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19 May 2018 Yes you can avail benefit of Section 44AD and 44ADA in ITR 3.

Querist : Anonymous

Querist : Anonymous (Querist)

19 May 2018 Please can you guide how

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 May 2018 you file as non-accounts case. see the bottom of the P&L and BS sheets.

Querist : Anonymous

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19 May 2018 Thanks you very much for your help if need be can you be if a help later

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 May 2018 you are welcome..........

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Querist : Anonymous

Querist : Anonymous (Querist)

19 May 2018 Can you give me serial number below which I have to refer pl

Nikhil Kaushik

Nikhil Kaushik (Expert)
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19 May 2018 did not understand your question.

Querist : Anonymous

Querist : Anonymous (Querist)

20 May 2018 In the firm there are sections andvserusl number which is the one I hsfe to refer more particularly

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2018 Sir there is no provision as you say that one can claim us 44ada please help

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Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2018 Have gone thru the form and clueless where to reflect

Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 May 2018 the bottom of the P&L and BS sheet allow you to enter data for "No account case" and Schedule BP gives you option for providing details of how much profit is being offered to tax under 44AD/44ADA

I dont think you have gone through the form!

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2018 Thanks this will help me to go thru the same

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Nikhil Kaushik

Nikhil Kaushik (Expert)
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21 May 2018 as I said, I don't think you went through the form!

Querist : Anonymous

Querist : Anonymous (Querist)

21 May 2018 Yes it is alas relieved