My client have 2 heavy truck (more than 12mt) he wants to file return but if we file through itr 4 44AE huge Amy of tax levied. Is any alternative to avoid tax liability in itr 3. Suggest me thanks 🙏 in advance
9 Replies
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 14 September 2021
Dear Mohd Hafiz
If number of trucks owned any time exceeds 10 then only ITR 3 applicable , So I think you have to file ITR4 only .
If number of trucks owned any time exceeds 10 then only ITR 3 applicable , So I think you have to file ITR4 only .
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 14 September 2021
But if you file ITR 3 , It become Invalid , So I think you should file ITR 4 as per rules and regulations .
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 14 September 2021
As per section 44AA , if your profit is exceeds 2.5 lacs or your turnover is exceeds 25 lacs then to maintain books of accounts is compulsory .
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 14 September 2021
Then you have to maintain the Books of accounts Compulsory .
prasad Nilugal
( GST Practitioner & Accounts )
(14801 Points)
Replied 14 September 2021
No , I don't think so . It is clearly mentioned in ITR 3 , applicable only for more than 10 trucks .
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