06 August 2024
it could be ITR-3 or ITR-4. depends on whether you are choosing presumptive scheme or not. If you choose presumptive scheme, generally ITR-4 will be applicable. But, keep in mind that even if you are choosing presumptive scheme, there are other factors that may require you to choose ITR-3.
06 August 2024
These are the conditions under which even with presumptive scheme, ITR-4 cannot be filed: Assessee: - is a Resident but Not Ordinarily Resident (RNOR), or Non-Resident Indian - has total income exceeding ₹ 50 Lakh - has agricultural income in excess of ₹5,000/- - is a Director in a Company - has income from more than one House Property; - has income of the following nature: - winnings from lottery; - activity of owning and maintaining race horses; - income taxable at special rates u/s115BBDA or Section 115BBE; - has held any unlisted equity shares at any time during the previous year - has deferred income tax on ESOP received from employer being an eligible start-up
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