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Presumptive income in itr3

rana (self employed) (35 Points)

19 September 2020

hi

Can I file itr3 for availing benefit of presumptive income scheme when I have capital gains ? My professional income is below 20 lacs.

If yes, then is it ok to fill just item 62
under profit and loss ? Also, can I fill part-A BS showing only cash in hand balance using ' no account case'.
Just wanted to make sure I am not getting any notice for not maintaining pl and bs.

Please let me know if I need to mention anything anywhere in pl and bs.

thanks
Rana

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4 Replies

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 20 September 2020

Yes, You can file ITR 3 when you have a Capital Gain along with Presumptive Scheme Income...

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rana (self employed) (35 Points)
Replied 20 September 2020

Thanks for replying me Sagar.

Can I just fill item 62 of profit and loss which is for professional us 44ada and balance sheet for ' no account case' showing some cash in hand value as I have no debtors, creditor and stock ?

Thanks

Rana

Sagar Patel (Tax and Business Consultant) (11611 Points)
Replied 22 September 2020

Yes, you are right.. required to fill just this....for presumptive Taxation....No other details required.

rana (self employed) (35 Points)
Replied 23 September 2020

Thanks for your reply Sagar.

I have one more question.

I am an Indian resident by birth and earning my professional income from foreign country where money is converted and deposited in hdfc bank India. I am showing this whole income under business profession us 44ada and I have no other foreign income from any other source.

1. Shall I need to say yes/no in item no 14 under Part b - TI TTI ? It says do I have any time during the previous year III) have income from any source outside India ? If I say yes then I need to again fill schedule FA.

And in schedule FA - AI to A4 , B,C,D,E and F is not applicable for me.

FA - G says Detail of any other income derived from any source outside India which is not included in above A to F and income under the head of business or profession.

As I said before I am showing my entire income from profession under business income therefore can I choose 'No' in item no 14 (III) in part b - TI TTI ?

Eagerly waiting for your reply.

Thanks