A medical doctor (covered under 44AA(1) wishes to use 44ADA in ITR3.
ITR3 is required because there is short term & long term capital gain from mutual fund.
I am told that 44ADA overrides provisions only section 28 to section 43C & does not override 44AA (3) & rule 6F although 44AA(1) is mentioned in 44ADA.
Due to this reason I'm told, 44AA(3) & rule 6F are applicable in ITR3 & so 44AA has to be followed in ITR3 & 44ADA cannot be used in ITR3.
Question is, if a doctor can use 44ADA in ITR4, then why can he not use 44ADA in ITR3?
Doctor Can Use Section 44ADA in ITR3 Despite Capital Gains, Overrides Sections 28 to 43C But Not 44AA(3) A medical doctor, subject to section 44AA(1), inquires about using section 44ADA in ITR3 due to short-term and long-term capital gains from mutual funds. The issue arises because section 44ADA is said to override only sections 28 to 43C and not sections 44AA(3) and rule 6F, implying that 44AA must be followed in ITR3, preventing the use of 44ADA. A response clarifies that the ITR form, as framed by the CBDT, does not determine the benefits under the Income Tax Act, allowing the doctor to claim 44ADA in ITR3. (AI Summary)
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