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ITR form applicable to individual

Vignesh P (Company Secretary) (109 Points)

17 March 2018

Hi all,

Which ITR form would be applicable for an individual business person who is declaring income under section 44 AD (presumptive income) ..?

is such an assesse required to fill in p&l account and balance sheet..? and can a person opt to declare under presumptive income when he has not income under sec 44 AD In previous AY...?

Kindly clarify on this

thanks in advance
Vignesh P

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2 Replies

Nikhil Kaushik (Fellow CA) (85509 Points)
Replied 17 March 2018

presumptive taxation under 44AD can be reported in ITR-3 or ITR-4 depending on other factors such as other incomes, disclosures etc.

for claiming 44AD< you cannot be maintaing books of accounts and therefore return should be filed as "accounts not maintained" case.

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RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 17 March 2018

Yes... I agreed to Mr Nikhil Kaushik Sir..

(Which ITR form would be applicable for an individual business person who is declaring income under section 44 AD (presumptive income) ..? )

First of we ll check out our income can be declare u/s 44ad. If it's available then we can declare the income in ITR 4 or ITR 3*.

(is such an assesse required to fill in p&l account and balance sheet..? and can a person opt to declare under presumptive income when he has not income under sec 44 AD In previous AY...?)

U/s 44ad we file without books of accounts. So, No need or No way for fill the details of PandL..