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Filing of returns

13 January 2016

what is the procedure and required forms to file returns of an individual who is having business income only? Is there any time limit for filing the voluntary returns

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Saket Jain (director) (255 Points)
Replied 13 January 2016

File ITR 4.

File ITR 4S - If Turnover is less then 1 Cr provided income computed @ 8% of Turnover. If income is computed below 8% then Tax Audit compulsory.

Due date of filing ROI is July 31. If assessee covered under Tax audit then September 30.

A belated Return can be filed within one year from end of assessment year.

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Ankit Taprania (CA FINAL ) (542 Points)
Replied 13 January 2016

YUP , ITR-4 or ITR-4S ( for those taxpayers who have opted for the presumptive income scheme as per Section 44AD )

HOWEVER ITR-4S is NOT applicable to:

Income from commission or brokerage
Agency business
Business of plying, hiring or leasing goods carriage (see section 44AE)
Professionals – who are carrying on profession of legal, medical, engineering, architectural, accountancy, technical consultancy, interior decoration, an authorized representative, film artist, company secretary and information technology. Authorized representative means – any person, who represents someone, for a fee or remuneration, before any Tribunal or authority under law. Film Artist includes a producer, actor, cameraman, director, music director, art director, dance director, editor, singer, lyricist, story writer, screenplay writer, dialogue writer, dress designer – basically any person who is involved in his professional capacity in the production of a film.

TIME LIMIT : as mentioned by jain ji

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