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Profile photo of Kanav gargKanav garg asked 1 year 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 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 11 months ago

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