25 December 2010
sir, the assessee is an female and is having only one source of income from rent of generator and this service is provided only to one nationalised bank branch so which itr form should be filled.
26 December 2010
In case the assessee is carrying on no other activity other than letting of generator then the income arising from it should be shown under the head of "Income From Other Sources" and as such Form No 2 has to be filed .
05 January 2011
Of course. You may file ITR-4 but in that case you have to show it as Business Income by preparing Income & Expenditure A/c and Balance Sheet of the assessee.
Unnecessarily we should not increase the burden of assessee as well as of ours. Act specifically provides you short-cut that's why Form No 2 is a better option.
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