TaxTMI 
TaxTMI 
TaxTMI 
ITR 3 & Presumptive taxation
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....TR 3 & Presumptive taxation<br> Query (Issue) Started By: - Sangeetha D Dated:- 4-6-2025 Last Reply Date:- 5-6-2025 Income Tax<br>Got 1 Reply<br>Income Tax<br>A taxpayer has income from salary, busine....
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....ss, and capital gains, and wants to opt for presumptive taxation for the business income. Can they file using ITR-3? Reply By YAGAY andSUN: The Reply: A taxpayer having income from salary, b....
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....usiness, and capital gains, and opting for presumptive taxation under section 44AD, 44ADA, or 44AE of the Income-tax Act, 1961, is required to furnish the return of income in Form ITR-4, subject to th....
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....e conditions prescribed therein. Form ITR-3 is applicable to individuals and Hindu Undivided Families having income from business or profession which is not computed under the presumptive taxation sc....
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....heme and includes income under the head "Profits and gains of business or profession" where books of account are maintained as per section 44AA and income is computed under the normal provisions of th....
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....e Act. Therefore, a person opting for presumptive taxation under section 44AD or other relevant provisions cannot furnish return in Form ITR-3, as the said form does not provide for reporting of inco....
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....me computed on presumptive basis under the aforesaid sections. ***<br> Discussion Forum - Knowledge Sharing ....