Urgent help required for efiling of itr 3 u/s 44ad
This query is : Resolved
12 August 2018
I HAVE FILED ITR 4 FOR A.Y. 2015-16 AND ITR 3 FOR A.Y. 2016-17 FOR HAVING LOSS FROM PROPERTY DEVELOPMENT BUSINESS. IN BOTH ITR I HAVE SELECTED THE OPTION "NO" FOR STATUS "Whether liable to maintain accounts as per section 44AA" AND FOR THE STATUS "Whether liable for audit under section 44AB". BUT I GAVE BS AND PL DETAILS (regular books of accounts are maintained) TO SHOW THE LOSS. NOW MY QUESTION IS CAN I FILE ITR 3 UNDER SECTION 44AD BY SHOWING REGULAR BOOKS OF ACCOUNTS MAINTAIN?
12 August 2018
you want to file under 44AD and maintain books of accounts?
13 August 2018
yes...is it possible?
13 August 2018
please read 44AD - it is for cases with no books of accounts.
13 August 2018
Declare taxable income as per provisions of Section 44AD 6% or 8%, maintain books of accounts, get your books audited, submit Balance Sheet, Profit and Loss account and Audit Report.
13 August 2018
@CA Visswanath Vadde? What? please do enlighten on how 44AD plus audit works if the profit is above the 6/8%. and how you maintain the books when you are declaring presumptive income?
13 August 2018
When you want to maintain books of accounts, nothing is stopping you. Books of Accounts and submission of Financial Statements in ITR will be helpful for SME towards getting finance from Banks. Audit will also help for the above.
Assessee can declare higher income as per Sectioin 44AD.
Assessee can declare higher income as per Sectioin 44AD.
13 August 2018
my question is that can you do it under 44AD. Getting finance from bank is not the objective Income-tax compliance.
13 August 2018
Submission of Return of Income under Section 44AD is under one form and with Books of Accounts is in another Form. Both are exclusive and cannot be combined.
13 August 2018
thanks for understanding and please correct your earlier responses above. They will end up misguiding innocent people seeking advice on this platform
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is Aadhar PAN linking required for opening bank account?
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- Where to show the RCM on Rent paid to unregistered landlord
- Applicability
- GSTR-3B - Do I file nil when there is no sale but I've bought raw materials
- RCM - commercial rent paid to URP under GST
- TDS NUMBER SURRENDER
- Legal heir raised refund , but refund issued to the closed account of deceased.
- Offsetting interest income against derivative trading losses
- Application of 115BAC
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
