ITR 4s
This query is : Resolved
23 July 2011
An assessee (wholesaler) is having a proprietory business with annual turnover of Rs.5 Lakhs. He is showing income on presumtive basis @ 8%. He is also a partner in a firm earning remuneration & interest from the said firm. My question is which return form is applicable to him as ITR 4s has no schedule to include his business income from partnership business and ITR 4 is not applicable as he is showing income from business on presumtive basis. Please advise.
23 July 2011
You can file the Return in ITR 4.
It is having the required fields for showing the income from firm as well as presumptive income.
It is having the required fields for showing the income from firm as well as presumptive income.
24 July 2011
You cannot use ITR-3, as the partner is having income from a proprietorship also.
ITR-4s cannot be used as their are other business incomes except presumptive income.
So the correct form will be ITR 4.
ITR-4s cannot be used as their are other business incomes except presumptive income.
So the correct form will be ITR 4.
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
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Gift Received from nonblood relative
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Reprocessing of rectification order AY 2025-26
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
