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

Presumptive taxation: ITR 3 can be used to report business income and short term capital gains while declaring presumptive income. Where a taxpayer has business income together with short term capital gains, the correct return form is ITR 3; ITR 3 permits reporting of business income and capital gains and includes fields to declare income under presumptive taxation, with books of account, without books of account, or a combination thereof, so an assessee who has not maintained books may still file ITR 3 and declare presumptive income as applicable.