Which ITR form I need to file (for sole proprietorship firm)
This query is : Resolved
21 September 2020
Hello Sir, My name is Narsimha Rao K,
This year January 2020, I formed a sole proprietorship (IT software) firm, but I dont get any profits, I am just taking salary from it and paying salaries to 3 others
Till last year I was filing my IT returns my own, as a salaried professional (ITR-1 Saral) from cleartax website
How do I have to file my returns last financial year (FY 2019-20 (AY 2020-21)), do I have to file ITR-1 or any other form...
Somebody is saying ITR-3 and somebody is saying ITR-4. I have confused a lot.
Please reply my query sir
This year January 2020, I formed a sole proprietorship (IT software) firm, but I dont get any profits, I am just taking salary from it and paying salaries to 3 others
Till last year I was filing my IT returns my own, as a salaried professional (ITR-1 Saral) from cleartax website
How do I have to file my returns last financial year (FY 2019-20 (AY 2020-21)), do I have to file ITR-1 or any other form...
Somebody is saying ITR-3 and somebody is saying ITR-4. I have confused a lot.
Please reply my query sir
21 September 2020
File ITR 3, treat 3 persons salay as expenses your salary will be considered as profit.
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22 September 2020
@Narasimha Rao K,
If you are a proprietor then you can not take a salary from proprietorship business.So you can't file ITR-1.
Proprietorship income comes under business.
You have to use either ITR-3/ITR-4.
Let me know your turnover
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25 September 2020
@Eswar Reddy S sir, The total turnover of my company is around 25 Lakh rupees per year(that includes my salary too).
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