My F&O profit is less than 3000 and turnover is less than 1lac and my total income is less than 2.5 lac. Can I use no account case in ITR3 ? It is not presumptive taxation scheme 44AD, where I have to show minimum 6% profit.
Then I have to fill nothing in Balance Sheet & Trading Account in ITR3, I have to fill only 3-4 entries in Profit & Loss Account.
Please confirm if any one is using this. @Quicko
Isn’t it already past the filing date for AY 25-26?
If your total income is less than 2.5L file a regular ITR3 as you don’t need to pay any income tax.
I need to file ITR because 3 years back my total income was more than 3.5L and I have already filed my ITR3 for AY 25-26 using no account cases. I was just curious that no account cases is a proper way to file ITR3 if business income is less than exempt limit and I do not want to use presumptive taxation scheme 44AD.
Yes, filing ITR-3 under “No Account Case” is perfectly valid if your business income is below the taxable limit and you’re not opting for presumptive taxation (u/s 44AD). The “No Account Case” option is provided for small businesses or professionals whose turnover or gross receipts are below ₹25 lakh and income from the business is below ₹2.5 lakh in any one of the three years immediately preceding the previous year, where maintaining detailed books isn’t mandatory.
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@Quicko
Thanks for your confirmation. Please tell me if I can still use No Account Cases if my business income and turnover are within prescribed limits but my total income is more than 2.5 lakh (includes salary).
Can I file this if I have loss in FNO.
@BB789 The limits you’ve mentioned apply to presumptive taxation, whereas this discussion is specifically about the “No Account Case.” In a no account case, the requirement to maintain books is governed by Section 44AA, and if the income and turnover are below the prescribed limits under this section, detailed books of accounts are not mandatory. This is different from presumptive taxation provisions.
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@sn2006 Yes, you can still use the “No Account Case” option in ITR-3 even if your total income exceeds ₹2.5 lakh, as long as your business income and turnover are within the prescribed limits under Section 44AA.
What matters for maintaining books is the business income and turnover, not the total income from all sources. So, if only your salary pushes your total income above ₹2.5 lakh, but your business income remains below the threshold, you’re not required to maintain books of accounts and can validly select the “No Account Case” in your return.
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@bharat1080 Nope, you cannot report losses under No books of accounts scheme. You have to prepare books and file ITR 3.