Earlier itr4 now only salary
This query is : Resolved
26 July 2013
Madam/ Sir,
One of my clients has been filing ITR4 manually for last 2-3 years (since inception of proprietorship) with almost nil income and carry forwarding the depreciation thereon. Now the client has joined a job during 2012-13. He is not sure wether he would continue the business or not.
Now as his salary income exceeds 5 lacs, his return is to be filed electronically. What to do now? should he continue filing ITR-4 or switch to ITR-1. what should I suggest him?
One of my clients has been filing ITR4 manually for last 2-3 years (since inception of proprietorship) with almost nil income and carry forwarding the depreciation thereon. Now the client has joined a job during 2012-13. He is not sure wether he would continue the business or not.
Now as his salary income exceeds 5 lacs, his return is to be filed electronically. What to do now? should he continue filing ITR-4 or switch to ITR-1. what should I suggest him?
26 July 2013
if he does nothave income from profession then file itr-1 only.
27 July 2013
Thax sir,
but then he has to forgo loos/ depreciation he has been carrying fwd. also won't it invite a scrutiny from ito when he will compare this yr's return with previous years?
but then he has to forgo loos/ depreciation he has been carrying fwd. also won't it invite a scrutiny from ito when he will compare this yr's return with previous years?
29 July 2013
In case of no plan of continuing business, filing ITR-1 only the best option because carry forward of business loss anyway cannot setoff with salary income since he joined the job now.
In case there is no decision yet about business, better to file ITR-4 with mentioning carry forward losses as well.
So he want to carry forward the losses, he must file ITR-4 only. if he filing ITR-1 there is the end of all the losses
Also better to close the business activity properly and make the books completed.
In case there is no decision yet about business, better to file ITR-4 with mentioning carry forward losses as well.
So he want to carry forward the losses, he must file ITR-4 only. if he filing ITR-1 there is the end of all the losses
Also better to close the business activity properly and make the books completed.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
