Hi
You need to file ITR 3.
You can claim benefit of presumptive taxation through ITR 3 also.
We may assist you with the filing.
ITR 4 and LTCG
If a person is filing ITR 4 on presumptive basis and has redeemed some mutual funds on which no tax is payable as per Sec 112A (LTCG after 31.1.18 is only Rs 9500), should they: 1) Show such LTCG as exempt income inn ITR 4? 2) Lose the benefit of presumptive taxation and compulsorily file ITR 3 and show full calculation of LTCG grandfathered upto 31.1.18 and exempted thereafter? 3) Not show LTCG at all and file ITR 4. I know the correct way is to file ITR 3 but it is genuine hardship on the assessee that he looses presumptive taxation just because of LTCG on which no tax is payable. I want to have a practical view because filing ITR 3 is very difficult as no proper books are maintained, assessee is a professional consulatant.
Asked 4 years ago in Capital Gains Tax
Hello,
You will have to file ITR-3, declaring business income under Presumptive taxation Sec. 44AD and LTCG under Capital Gain. You can use Sec. 44AD presumptive taxation in ITR-3 also.
For return filing, you can contact us directly or take a phone consultation for better resolution of the issue.
I hope this answer satisfies your requirement.
Regards,
CA Hunny Badlani
You can take the benefit of presumptive taxation scheme by filing ITR-3 as well along with showing exempt income of LTCG.
Dear Sir,
You should file ITR 3.
You can also take the benefit of presumptive taxation scheme and file the ITR 3.
We have handled such cases before.
We may help you in ITR filing.
Hii
You have to file ITR3, but in ITR3 you can use presumptive taxation , there is no bar for the same.
thus file ITR3 and relax.
If because of capital gàin you are required to file ITR 3 that doesn't mean you can't take benefit of presumptive taxation in ITR 3 you can file business income using ITR 3.
And you must show capital gain income.
If you need any assistance to file your return do let me know.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
Hello Sir,
You can file ITR 3 for capital gain as well as presumptive taxation scheme.
If you need any assistance, please let us know.
Thanks a lot for the quick responses, I wanted a little suggestion while filing the presumptive tax u/s 44ADA in ITR 3. I usually file ITR 4 so I want to add ALL THE VERY SAME DETAILS of PGBP in ITR 3 aswell. I have filled up my details in: 1. Item No 62 in Part A - P&L (for 44ADA) and 2. Item No 6 in Part A - BS (Balance Sheet items in No Accounts Case). My query is that can I leave everything else blank in Balance Sheet and P&L tabs?
Asked 4 years ago
You don't need to fill entire profit and loss account and balance sheet.
Only balances of cash, inventory, debtors and creditors have to be shown if any.
Other you can put zero in all columns.
Since it's under presumptive taxation, it is a no accounts case.
Yes sir
Yes
You also need to fill Item No. 64 in Part A P&L in no accounts case.
Yes Sir, you can everything else blank in Balance Sheet and P&L tabs.
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