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Profile photo of Kanav gargKanav garg asked 2 years ago

Using ITR3

Respected sir/mam

A person opted to pay under presumptive taxation u/s 44 AD and also have income from speculation and capital gain, so since the applicable form is ITR-3 whether such person eligible to file Return in No account case or person have to make a balance sheet and profit loss and that also for speculative business only or both?

Please clarify!!!!

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1 Answers
Profile photo of Sumit Ratanlal JainCA Sumit Ratanlal Jain answered 2 years ago

NO, u dont need to prepare entire balance sheet.
only sales amount,
Amount of debtors,
Amount of creditors,
Cash & Stock Balance is Required