ITR 3 or ITR 4 under Income tax

[Sreenath]

I have been filing ITR 4 for the last 6 years under presumptive tax. This year i have a short term capital gain of just Rs.1500. Which ITR should i use for the FY 2024-25. 

Can I use ITR 3 for filing under presumptive tax because I have not maintained any books of accounts under the assumption of using ITR 4.

Please clarify.

[Rajan Kumar and associates]

Since you are having Business Income & STCG, you have to choose ITR 3

[Sreenath]

Thanks.

Can I still opt for Presumptive tax while using ITR 3? If not possible, can I still use ITR 3 without having proper books of accounts?

I have noticed that there is a field for entering Presumptive income in ITR 3. What is this option? Can you please clarify.

Thanks in advance 

[Rajan Kumar and associates]

Yes you can declare Income Presumptive Taxation or With Books of A/c or without books of A/c or combination of the any 2 or 3 in the ITR

AI Summary

Filing FY 2024-25: Shift to ITR-3 with Section 44AD presumptive income allowed despite short-term capital gains A taxpayer who filed under presumptive taxation via ITR-4 for six years reports a small short-term capital gain and asked which return to file for FY 2024-25. Advisers responded that presence of business income plus STCG requires ITR-3 rather than ITR-4. The taxpayer asked whether presumptive taxation can still be claimed and whether books are required when filing ITR-3. The adviser confirmed ITR-3 accommodates declaration of presumptive income and permits reporting with or without detailed books of account, or a combination of methods, as applicable.