Switch over from ITR 3 to ITR 4
This query is : Resolved
29 December 2022
Sir,
One of my friend has been filing IT return using ITR 4 for the FY 2018 - 19 and 2019 - 20
and filed IT return using ITR 3 for the FY 2020 - 21. Now, can he use ITR 4 to file his return
for the current FY ( 2021 - 22) ? What will be the consequences, if he switch overs from
ITR 3 to ITR 4 now ?
Pls. Advice.
One of my friend has been filing IT return using ITR 4 for the FY 2018 - 19 and 2019 - 20
and filed IT return using ITR 3 for the FY 2020 - 21. Now, can he use ITR 4 to file his return
for the current FY ( 2021 - 22) ? What will be the consequences, if he switch overs from
ITR 3 to ITR 4 now ?
Pls. Advice.
29 December 2022
If he is eligible to file ITR under presumptive assessment, he can file belated return for current year in form ITR 4.
If he is opting for sec. 44AD for business income declaration, then he should continue to same regime for next five years, otherwise audit liability may get attracted.
If he is opting for sec. 44AD for business income declaration, then he should continue to same regime for next five years, otherwise audit liability may get attracted.
29 December 2022
Thank you very much Sir.
29 December 2022
You are welcome ..
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