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Shyam Tripathy (Student) (74 Points)

16 June 2017

A client of mine has an income from house properties from 2 premisis on which TDS is decucted at @ 10prcnt from both the Rent.

And also has a Business Income us 44AD where the turnover is less than 2 crore and profit percentage is more than 8 percent.

And Income from other sources i.e. Interest on Savings account which is deducted Us 80TTA i.e. Interest less than Rs 10000.

Which ITR Form shoud be used to reflect all these 3 incomes and the TDS deducted thereon the Housr Rent Income from 2 different Parties?

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14 Replies

PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 16 June 2017

House Property...

Presumtive income PGBP

Other Source....

TDS...

ITR 4 is applicable for the FY 2016-17...

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 16 June 2017

As ITR 4_Sugam is applicable for income from only one house property , Go for ITR 3.

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PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 16 June 2017

Mr. Dhirajlal,

Just now I have check the form of ITR 4.

Yes you are 100% correct 2 house property income can't be declare in ITR 4..

In this topic one question I have. Then the person how to declare presumtive income under PGBP in ITR 3 ?

It is not logical that declare 8% or more than 8% profit as presumtive in ITR 3.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 16 June 2017

"It is not logical that declare 8% or more that 8% profit as presumtive in ITR 3."

Section 44 AD/ADA is applicable to presumptive assessment for eligible business/profession when minimum profit margin is declared as 8/50% respectively.

How an assesse will declare this income under presumptive assessment (who do not wish to maintain accounts), but having 2 house property (rented or deemed rented)?

When ITR4 is not applicable, which ITR applicable to such instance? Just........

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PRABIR PAUL (*****Accountant***** Never insult to any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 16 June 2017

As per my opinion,

This person has to file ITR 3 there is no doubt.

This person may declare more than 8% (Actual) profit but not like presumtive, as well as this person is liable to declare P/L and Balance Sheet which is called book of Accounts U/s 44AA.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 16 June 2017

"liable to declare P/L and Balance Sheet which is called book of Accounts U/s 44AA."

Yes, when he chooses to declare YES for 'whether books of accounts maintained?"

But, if declares No............he need not file BS & P&L , but just few details as per sr. 6 in Schedule BS & Sr. no. 53 in schedule P&L (that is declaration of income u/s 44AD in ITR 3)

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Shyam Tripathy (Student) (74 Points)
Replied 26 June 2017

sir

finally what should be done?

itr 3 or itr4 or itr4 sugam in case of income arising from 3 sources as per the query?

the house property income is let out income in which tds has also been deducted by 2 parties .

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 26 June 2017

For AY 2017-18........ in this case.......... ITR3

Check properly to select tab NO of 'Are you liable to maintain accounts as per section 44AA?' under Audit Information (a) of 'Schedule Part A -General'.

Fill details of Sr. No. 6a..... 6d of Schedule BS And Sr. 53 of Schedule P&L accts.

Good Luck

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Shyam Tripathy (Student) (74 Points)
Replied 04 July 2017

Thankyou So Much Sir

jasjjet (prop) (53 Points)
Replied 03 August 2017

@ Dhirajlal, Sir we also have the same query as above and while filling ITR3 as said above in NO ACCOUNT CASE we get a message in the end to file BS and PL.

@ Shyam, Were you able to file the return under section 44Ad No account case in ITR3?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 03 August 2017

Many such 'No account case' returns already filed. Let the massage pop-up, that is just warning; but if you have properly selected the tabs in schedule 'General' as NO. no problem will arise.

Check to declare required profit margin, TO details and the required fields of sr. 53 of 'P&L' and sr. 6 of 'BS' shedules.

Good luck........

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jasjjet (prop) (53 Points)
Replied 03 August 2017

Dear Sir, I have income from two house properties and business turnover of 105 Lac with 9Lac profit. I tried filling in ITR-3 under no account case as per 44AD, No books selected, No audit selected, respective sr53 and sr6 filled, same profit also shown under sr4 (which is referred to in section 44AD/44ADA/44AE/44B/44BB/44BBA/44BBB/44D/44DA/Chapter-XII-G/ First Schedule of Income-tax Act)

but the utility shows the return to be defective under section 139 and direct to file BS and PL. We have tried using excel/java utilities but with same message in the end.

Read more at: /experts/itr-3-for-presumptive-income-2537574.asp

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