ITR 3 or ITR 4 or what?

i took loan from bank Rs.50 lakhs .
traded intraday : 100% online on nse .
turnover is less than 5 crores .
profit is Rs.45 lakhs .
i paid interest to the bank loan Rs.9 lakhs .


query :

if i file ITR 3 : i have to pay tax on Rs.36 lakhs i.e. (45 lakhs - 9 lakhs) ?
BUT . i have to maintain the Balance sheet ?
Just , maintaining the Balance sheet ; is enough ; or do i also have to upload it and declare my all the assets and liabilities on the online portal of the income tax website ?
do i also have to declare my all inheritance jewelries of Rs. 70 lakhs in my assets while declaring the the balance sheet ?
in short ; do i have to declare and upload all my assets of the life till date on the government portal ?


if i do not want to declare my all the assets ; then i file ITR-4 ; wherein i have to pay tax on Rs. 45 lakhs ?
i will not be allowed to deduct the interest of Rs. 9 lakhs paid to the banker ?


am i right ?


what should i do ideally ?

pls kindly enlighten !!

Reach out to a tax professional or a Chartered Accountant for detailed guidance and professional service.

Is there any c.a. in this community forum ?

presumptive taxation scheme and file ITR-4, one ; must report atleast 6% of turnover as income

In ITR 4 . books of accounts not required to be maintained .
Then . How would the taxman come to know what is the actual turnover ?

The taxman has to believe It would be purely on goodfaith and honesty of the assessee and based on the AIS statement ?

Am i right ?

1 Like