Veena Bansal (Accountant) (65 Points)
26 February 2024
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 26 February 2024
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 27 February 2024
RAJA P M
("Do the Right Thing...!!!")
(127921 Points)
Replied 27 February 2024
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 27 February 2024
Alliance Tax Experts
(Tax Practitioner)
(44 Points)
Replied 29 February 2024
In response to your inquiry, if a person chooses not to avail of the benefit of presumptive income under section 44AD and prefers to file ITR-3, it is indeed possible. ITR-3 is the appropriate form for individuals and Hindu Undivided Families (HUFs) with income from business or profession, provided they do not opt for the presumptive taxation scheme.
Since you are registered under GST with a turnover of Rs.60 lakhs and a net profit of Rs.5.40 lakhs, you can file ITR-3 by maintaining proper books of accounts. This form allows you to report your business income, expenses, and other relevant details comprehensively.
Ensure that your financial records are accurate and up-to-date, as they will play a crucial role in the filing process. Additionally, consider seeking professional advice from a tax consultant to ensure compliance with all applicable regulations.
If you have any further questions or need clarification on any aspect, feel free to reach out. I am here to assist you.
Alliance Tax Experts
(Tax Practitioner)
(44 Points)
Replied 29 February 2024
In response to your inquiry, if a person chooses not to avail of the benefit of presumptive income under section 44AD and prefers to file ITR-3, it is indeed possible. ITR-3 is the appropriate form for individuals and Hindu Undivided Families (HUFs) with income from business or profession, provided they do not opt for the presumptive taxation scheme.
Since you are registered under GST with a turnover of Rs.60 lakhs and a net profit of Rs.5.40 lakhs, you can file ITR-3 by maintaining proper books of accounts. This form allows you to report your business income, expenses, and other relevant details comprehensively.
Ensure that your financial records are accurate and up-to-date, as they will play a crucial role in the filing process. Additionally, consider seeking professional advice from a tax consultant to ensure compliance with all applicable regulations.
If you have any further questions or need clarification on any aspect, feel free to reach out. I am here to assist you.
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