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.
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. (AI Summary)
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