My client deals in the business of trading electronic items and he is also registered under GST as a regular taxpayer.
In Prior years the assesee has been filing ITR 4 (Presumptive Business).
But this year he also has commission income with TDS 194 H in 26AS.
As we know that person with Commission Income cannot declare Income under Presumptive Business.
My query is should I file ITR 3 with complete BS PL or ITR 3 with no accounts case.
The net profit from the business is less than 2.5Lacs and GST turnover is 2.4Lacs.
Can i file ITR 3 with NO ACCOUNT CASE??
Also what are the provision I need to check out if I come out of the Presumptive Business scheme.
Regards
Ajay
You file ITR 3 as commission income there is no presumptive taxation applicable.
For your electronic business you continue with 44AD . Refer item No. 61 of ITR3. P&L schedule - that is for 44AD
Depending upon commission amount if it's very small amount then show under no audit case.
Or can show even under IFOS and claim TDS in TDS schedule
CAclubindia
