So essentially you are saying, if opting for 44 AD, fill only 61 and ignore 64 and 65?
Any idea, for whom 64 applies?
It says “IF REGULAR BOOKS OF ACCOUNT OF BUSINESS OR PROFESSION ARE NOT MAINTAINED, furnish the following information”
If we opt for presumptive taxation, it implies we do not maintain books of accounts. Does that mean we need to fill 64?
I’m more sure that 64 need not be filled(when compared with filling item 65)
Anyway, I don’t know what 64 is for either,but I noticed:
“Gross receipts (a1+a2)
For wireframe: Gross Receipts”
wireframe?
Lots of ambiguity and confusion. Good thing is that the deadline is August end and hopefully some clarification arrives by then
Just did some research and found that speculative business income is not eligible for 44 AD. So, the correct approach is to show speculative business income separately under 65 and not aggregate it under 61
They are not excluded by law. I read some articles too:
The filling instructions:
I think it just meant you cannot file itr4 as it has no provision for speculative income.
In any case, the exact text of 44AD is here: https://www.incometaxindia.gov.in/w/section-44ad-31
The only excluded businesses are listed:
(6)The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—
(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;
(ii) a person earning income in the nature of commission or brokerage; or
(iii) a person carrying on any agency business.
