When taxation under Section 44ADA presumptive taxation for professionals is applied in ITR-3, Is the No accounts case - No.64(ii) in Schedule P & L to be filled? If so, there is no problem when showing the gross receipts, but if the gross profit column is filled, the taxable amount is doubled. Kindly help me in this regard -
1. Firstly - For presumptive taxation, is the "No accounts case" in Schedule P & L - No.64(ii) to be filled or not?
2.If to be filled, then is gross receipts alone to be shown or gross profit, expense and net profit to be shown? [If shown, taxable income gets doubled]
3. Or is it ok to show gross receipts, then put gross profit, expense and net profit as 0 ? [ Taxable income is reflected correctly, but is the method correct?]
4. Lastly, is the Schedule Balance sheet - No. 6 - No accounts case to be filled? What are the values to be filled? Or is it enough to show cash balance?
CAclubindia
