Venkatramana Shastry C (Student CA Final ) (90 Points)
31 July 2020An individual who is a director in a private company also has eligible business u/s 44AD. So which ITR to be submitted? If such individual is a director of a company, it's not allowed to file under ITR-4. So can one file ITR-3 and show presumptive income? If yes please explain briefly how is it possible..? Thanks.
sabyasachi mukherjee
(27330 Points)
Replied 31 July 2020
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 31 July 2020
Venkatramana Shastry C
(Student CA Final )
(90 Points)
Replied 31 July 2020
| Originally posted by : CA ABHAY GUPTA | ||
 |
Yes a person who is director in any company can not file ITR 4 , one need to file ITR 3 and show his/her income Part A - P& L (Item No. 61) |  |
Can one calculate at 8% of his business turnover and show such income directly in item no.61? what about balance sheet? Also where to show sitting fees received for board meeting?PGBP or other sources?
Venkatramana Shastry C
(Student CA Final )
(90 Points)
Replied 31 July 2020
| Originally posted by : sabyasachi mukherjee | ||
|
Venkataramanpls elaborste his gross total income.nature of income. | |
GTI more than 5lakhs after considering 8% income on a turnover of 25 lakhs from eligible business and other sources around 3 lakhs including sitting fees from the private company
CA ABHAY GUPTA
(Practice)
(3230 Points)
Replied 31 July 2020
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