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I earned an STCG of around ₹12 this Financial Year. Should I continue filing ITR-4 to avail 44ADA or file ITR-3 to report this STCG?

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CosmicCat said:
@Vaastav and @SSV - Really need your help, if you don't mind please.

I was filing ITR-3 myself, as I noticed that it also has the provision of presumptive income from profession (Section 44ADA).

After filing my income under the 44ADA head, I came across "No Account Cases."
View attachment 59829

View attachment 59830


Here, they are asking the same set of questions they asked before in 44ADA part.

Is it mandatory to fill the section "Add No Account Cases," since it sounds the same as the set of questions asked in 44ADA? I don't remember seeing this section in ITR-4 last year.

Also, thanks to this total ₹12 STCG on debt mutual funds I sold last year, I am still having confusion whether to file my ITR-4 like the last year? Or file ITR-2 instead?

I work as a freelance software developer (14001 profession code and earning from offshore) and filed ITR-4 myself last year, and it was a really smooth process. The return was processed within 4 days. Although under New Regime, I am not liable to pay tax (As it's less than ₹7L), so I can't decide whether I should file under ITR-3 (Heard that they take days or even months to process ITR-3) or file it under ITR-2 as salary income? I have been feeling really demotivated and depressed for days.

I can't even find a CA nearby, and there has not been much of help from online too.

I would really be grateful if you could please help me out. Thanks.
Click to expand...
where do you reside?
 
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CosmicCat said:
@Vaastav and @SSV - Really need your help, if you don't mind please.

I was filing ITR-3 myself, as I noticed that it also has the provision of presumptive income from profession (Section 44ADA).

After filing my income under the 44ADA head, I came across "No Account Cases."
View attachment 59829

View attachment 59830


Here, they are asking the same set of questions they asked before in 44ADA part.

Is it mandatory to fill the section "Add No Account Cases," since it sounds the same as the set of questions asked in 44ADA? I don't remember seeing this section in ITR-4 last year.

Also, thanks to this total ₹12 STCG on debt mutual funds I sold last year, I am still having confusion whether to file my ITR-4 like the last year? Or file ITR-2 instead?

I work as a freelance software developer (14001 profession code and earning from offshore) and filed ITR-4 myself last year, and it was a really smooth process. The return was processed within 4 days. Although under New Regime, I am not liable to pay tax (As it's less than ₹7L), so I can't decide whether I should file under ITR-3 (Heard that they take days or even months to process ITR-3) or file it under ITR-2 as salary income? I have been feeling really demotivated and depressed for days.

I can't even find a CA nearby, and there has not been much of help from online too.

I would really be grateful if you could please help me out. Thanks.
Click to expand...
you definitely need a CA's help as it is going to be an ongoing thing..
It is not worth at all to worry about these ITR issues.. we have to concentrate on our earning capacity and CA need to look after all compliance things..
Let me think about it..
Are you planning to hire any CA on the long term basis??
 
CosmicCat said:
No, I don't. But it would have been better if at least I got the answer to my two questions from any CA at least.
Click to expand...
why would any good CA spend time in giving free advices ? just think about it..
If he is good he wont do charity.. if he is doing charity means he is not good..
very rarely you find both the qualities in a single person...

sorry I cant help in your particular case as Iam not a practcing pofessional.. I know principles but Idont use these ITR forms on a daily basis..
just search any CA forums , there may be people that may help... good luck
 
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CosmicCat said:
You're right about it. After all, it's their profession, so they are not ought to do it for free. I understand that.

Anyway, do you have idea what to fill in Gross Profit and Expenses? In the item "Presumptive Income under 44ADA," I had filled ₹6,38,900 and in "Gross Receipts," I had filled ₹6,52,100.

So, what to fill in the fields "Gross Profit" and "Expenses" here? I calculated just my internet bills as expenses (Around ₹13,200), which could come under the field "Expenses" here. But what to fill under the "Gross Profit" here? I input my whole gross income as "Gross Profit", but I don't know if I did it correctly.

Any help would be appreciated.
View attachment 59847
Click to expand...
No need to fill profit & loss section. Leave it blank.
CosmicCat said:
@Vaastav and @SSV - Really need your help, if you don't mind please.

I was filing ITR-3 myself, as I noticed that it also has the provision of presumptive income from profession (Section 44ADA).

After filing my income under the 44ADA head, I came across "No Account Cases."
View attachment 59829

View attachment 59830


Here, they are asking the same set of questions they asked before in 44ADA part.

Is it mandatory to fill the section "Add No Account Cases," since it sounds the same as the set of questions asked in 44ADA? I don't remember seeing this section in ITR-4 last year.

Also, thanks to this total ₹12 STCG on debt mutual funds I sold last year, I am still having confusion whether to file my ITR-4 like the last year? Or file ITR-2 instead?

I work as a freelance software developer (14001 profession code and earning from offshore) and filed ITR-4 myself last year, and it was a really smooth process. The return was processed within 4 days. Although under New Regime, I am not liable to pay tax (As it's less than ₹7L), so I can't decide whether I should file under ITR-3 (Heard that they take days or even months to process ITR-3) or file it under ITR-2 as salary income? I have been feeling really demotivated and depressed for days.

I can't even find a CA nearby, and there has not been much of help from online too.

I would really be grateful if you could please help me out. Thanks.
Click to expand...
ITR 4 does not have option to show Capital gains and since you have business income you can't file ITR 2, So only option is to file ITR 3 which also has an option for presumptive taxation.
 
rp0703 said:
No need to fill profit & loss section. Leave it blank.

ITR 4 does not have option to show Capital gains and since you have business income you can't file ITR 2, So only option is to file ITR 3 which also has an option for presumptive taxation.
Click to expand...
Thanks for answering my query. I was filing ITR-3 though.

So, if I leave item 64 (No Account Case) under "Part A - Profit & Loss" (Which also contains the item 62 for computation of 44ADA), that won't be a problem? IDK why it mentions there, "IF REGULAR BOOKS OF ACCOUNT OF BUSINESS OR PROFESSION ARE NOT MAINTAINED, furnish the following information for previous year 2023-24 in respect of business or profession."

1720201902797-png.59877
 

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CosmicCat said:
Thanks for answering my query. I was filing ITR-3 though.

So, if I leave item 64 (No Account Case) under "Part A - Profit & Loss" (Which also contains the item 62 for computation of 44ADA), that won't be a problem? IDK why it mentions there, "IF REGULAR BOOKS OF ACCOUNT OF BUSINESS OR PROFESSION ARE NOT MAINTAINED, furnish the following information for previous year 2023-24 in respect of business or profession."

1720201902797-png.59877
Click to expand...
No need to fill item 64. Only item 62 needs to be filed in case of presumptive taxation.
 
rp0703 said:
You can fill the item 64 to check. Your income probably going to increase when you will save the changes.
Click to expand...
You're right though! The income later increases if I fill out the "Gross Profit" and "Expenses" fields. However, when I fill out the item 64iia (Gross Receipts), there isn't any impact. I'm not sure whether to fill it out or leave it completely blank, too.
 
CosmicCat said:
You're right though! The income later increases if I fill out the "Gross Profit" and "Expenses" fields. However, when I fill out the item 64iia (Gross Receipts), there isn't any impact. I'm not sure whether to fill it out or leave it completely blank, too.
Click to expand...
Just leave it blank. I just check my return form, its also blank there.
 
Now, the validation is giving me two errors:

1720207671409.png


And guess what? When I click on suggestions, it redirects me over to the same page which I posted above in comments, but under "Speculative Activity." I can't comprehend how is it even related to 44ADA?

1720207960486.png

Matlab yeh log chain se jeene bhi nahi denge! 😡
 
rp0703 said:
Just put 0 in an item which is not applicable to you.
Click to expand...
CosmicCat said:
Now, the validation is giving me two errors:

View attachment 59903


And guess what? When I click on suggestions, it redirects me over to the same page which I posted above in comments, but under "Speculative Activity." I can't comprehend how is it even related to 44ADA?

View attachment 59904

Matlab yeh log chain se jeene bhi nahi denge! 😡
Click to expand...

I started afresh in one go this time, and got no validation errors! Didn't even touch that "No Account Cases" section.
 
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shivamk said:
IT department needs to simplify the experience.
Click to expand...
Indeed. Their portal is really buggy, and hasn't even been fixed even after 3 years! Infosys did a really pathetic job at developing it.

What's worse is, their portal alone consumes over 1GB of memory (RAM), essentially causing the whole system with a low RAM to crash at times.
 
CosmicCat said:
Indeed. Their portal is really buggy, and hasn't even been fixed even after 3 years! Infosys did a really pathetic job at developing it.

What's worse is, their portal alone consumes over 1GB of memory (RAM), essentially causing the whole system with a low RAM to crash at times.
Click to expand...
Had it been easier to use most folks might not be afraid to use it.

Most people hire CA just because they are afraid to pay more taxes in case don't understand the clause properly.
 
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