Description
An individual taxpayer who is a partner in a Firm has to disclose details of name and PAN of the Partnership firm. Partners of partnership firms as against ITR 2 will have to file their returns in ITR 3. Details of computation of presumptive income under section 44AD, 44ADA and 44AE.
What is the difference between ITR 3 and ITR 4?
You have to use ITR 3 if you are an individual or an HUF engaged in any business or profession, income and who are disqualified from using ITR 4. Moreover even if you are offering your business or professional income on presumptive basis and your taxable income exceeds Rs.
Documents Needed for ITR 3 for Business and Professional Income. Following are the documents required to file the return if you are earning any income from Business and Profession during the year: Balance Sheet and Profit & Loss Statement. Bank Account Statement/ Passbook.
Can I file ITR 3 for presumptive income?
The gross receipts from the professional activity during the financial year should be reported at column 62(i). The presumptive income from the professional activity should be reported at column 62(ii), which is required to be computed @ 50% of gross receipts.
The process of determining the different sources of Income is called ‘Computation of Income’. While computing income, the different incomes are finally grouped as “Gross Total Income”. … ITR-4 form is used for filing an income tax return for taxpayers who have opted for the presumptive taxation scheme.
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