Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Turnover for no accounts case?

krishna vamsi (ca ipcc student) (11 Points)

14 September 2021

Can any one suggest me the maximum turnover upto which I can opt no accounts case in ITR-3.and am I liable to show any min percentage?

Reply
Follow
Share

3 Replies

veerendar singh (tax consultant) (3301 Points)
Replied 14 September 2021

Max turnover is 25lacs and max income is 2.5 lacs. even if your turnover is within 25 lacs limit i think you might still be ineligible as your income would probably be more than 2.5 lacs. Do check both criteria before selecting no accounts case.

minimum NP ratio of 8% is required

Upgrade to CAclubindia Pro. Subscribe Now!

CA. Sourav Sarkar (Chartered Accountant ) (24583 Points)
Replied 15 September 2021

Agree with above

CA Puja Sharma (Chartered Accountant) (5010 Points)
Replied 15 September 2021

You can opt for presumptive taxation - 44AD or 44ADA or 44AE where no accounts are required to be maintained. You can use ITR 3 or ITR 4 based upon other facts.