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Itr 4s or 3

Rohit (ICAI) (259 Points)

27 July 2012

SINCE I HAVE INCOME FROM VARIOUS SOURCES

PARTNER IN A FIRM

INCOME FROM SALARY

SAVING BANK INTERST

I ALSO HAVE A TRUCK MEANS 44AE

WHICH RETURN SHOULD I FILED.......IF I FILE 4S WHRE SHOULD I SHOW MY PARTNER REMUNERATION

PLZ SUGGEST ME AS SOON AS POSSIBLE

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7 Replies

CA Gnanika (CA ) (485 Points)
Replied 27 July 2012

ITR 4S

Who can use this Return Form

This Return Form is to be used by an Individual / HUF whose total income assessment year 2012-13 includes:-

a) Business income where such income is computed in accordance with special of individuals is as follows:- provisions referred to in section 44AD and 44AE of the ACT for computation of business Income; or

b) Income from Salary/ Pension; or

c) Income from One House Property (excluding cases where loss is brought forward from previous years); or

d) Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses).

The income computed shall be presumed to have been computed after giving full effect to every loss, allowance, depreciation under the Income Tax Act.
Further, in a case where the income of another person like spouse, minor child, etc. is to be clubbed with the income of the assessee, this Return Form can be used only if the income being clubbed falls into either of the above income categories.

Who cannot use this Return Form

SUGAM cannot be used to file the following incomes

a) Income from more than one house property; or

b) Income from Winnings from lottery or income from Race horses; or

c) Income under the head “Capital Gains”, which are not exempt from tax, e.g., short-term capital gains or long-term capital gains from sale of house, plot, etc.; Or

d) Income from agriculture in excess of Rs. 5,000; or

e) Income from Speculative Business and other special incomes.

f) Income from a profession as referred to in sub-section (1) of section 44AA or income from an agency business or income in the nature of commission or brokerage.

This Return Form cannot be used by any resident having any asset (including financial interest in any entity) located outside India or signing authority in any account located outside India.

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CA Gnanika (CA ) (485 Points)
Replied 27 July 2012

ITR -3

Who can use this Return Form?

This Return Form is to be used by an individual or an Hindu Undivided Family who is a partner in a firm and where income chargeable to income-tax under the head “Profits or gains of business or profession” does not include any income except the income by way of any interest, salary, bonus, commission or remuneration, by whatever name called, due to, or received by him from such firm. In case a partner in the firm does not have any income from the firm by way of interest, salary, etc. and has only exempt income by way of share in the profit of the firm, he shall use this form only and not Form ITR-2.

Who cannot use this Return Form?

This Return Form should not be used by an individual whose total income for the assessment year 2012-13 includes Income from Business or Profession under any proprietorship

CA Gnanika (CA ) (485 Points)
Replied 27 July 2012

So Mr Rohit use ITR -4,

Varshit Shah (Self Employed) (676 Points)
Replied 27 July 2012

U have to submit your return in ITR 4 only.

Rohit (ICAI) (259 Points)
Replied 27 July 2012

I have also income from 44AE then how can I file ITR 4.......should i not file ITR 4S & one more info plz if i get remuneration from firm in which had it will be taxable