Income tax return

This query is : Resolved

Rattan Yadav (Querist)
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02 July 2013 Respected sir,
i am a property dealer and my income for year 2012-13 is rs.726625 ang gross receipts is Rs.1127000

Please tell which return form should i file.AM i liable for Audit??

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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02 July 2013 ITR-4 is the recommended form. Audit of accounts is not mandatory.

CS RAJESH C.CHOUDHARY

CS RAJESH C.CHOUDHARY (Expert)
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02 July 2013 Yes ITR-4 is to be filed by you.

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Rattan Yadav

Rattan Yadav (Querist)
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02 July 2013 Thank you sir for your reply.

I want to ask one more thing whether propery dealer comes under business or profession?? some one said i have to register under service tax , is it correct??

CA UMESH DULAL

CA UMESH DULAL (Expert)
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02 July 2013 What type of income you are receiving, is it commission on sale/rental of property
or are you on business of sale of purchase of property.

If your income is commission income then, you have to file ITR-4.

If you are on sale/purchase of property, you may file ITR-4S as it will reduce your tax liability.