I am filing return of individual, doing home parlour/ home tuitions. Not eligible for tax audit. Income around 2.7 lakh per year. Which itr form is applicable? If ITR 4 presumtive tax is applicable then how to show assets and liabilities (mainly bank account)? All receipts and payments made through cash.
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Itr of individual doing home parlour
Replies (25)
file itr 1
ITR 3 under 'No account case' or ITR 4.
You can put amount as 0 is sundry debtors creditors stock but put some nominal figure under cash in hand
| Originally posted by : NAVEEN CHAND | ||
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file itr 1 |
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Assessee does'nt have salary income
itr 1 is also preferable as u canshow the income under other sources and simple & fast
| Originally posted by : Ruchika Somani | ||
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Originally posted by : NAVEEN CHAND file itr 1 Assessee does'nt have salary income |
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but having the other source income
| Originally posted by : NAVEEN CHAND | ||
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itr 1 is also preferable as u canshow the income under other sources and simple & fast |
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Naveen parlour income is a business income
how's know you me and ankit
a.o is not aware about that so i think he can show in itr 1 also as OS
BUT U ARE RIGHT . . .
ITR 3 IS SUITABLE AND ITR 1 IS ALTERNATIVE
| Originally posted by : NAVEEN CHAND | ||
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how's know you me and ankit a.o is not aware about that so i think he can show in itr 1 also as OS |
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But in other source too assessee has to specify source, since herein income is below exemption limit so i feel ITR 1 would serve the purpose?
IN ITR 1 NO NEED TO PROVIDE SOURCE
| Originally posted by : NAVEEN CHAND | ||
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IN ITR 1 NO NEED TO PROVIDE SOURCE |
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acha
HA ji 
Dear Naveen.,
Correctly said as " ITR 1 IS ALTERNATIVE "
But, It's not correct.
Bcoz, In case AO will be issued notice about the same then how to reply by the assessee...
So, As per Consultant We must think about future problems and save assesee
Correctly said as " ITR 1 IS ALTERNATIVE "
But, It's not correct.
Bcoz, In case AO will be issued notice about the same then how to reply by the assessee...
So, As per Consultant We must think about future problems and save assesee
Agree with RAJA & RUCHIKA, as i can use ITR 1 to file return hassle free but this will not be a proper way. As assessee has only source of incone from parlour or tuitions, which becomes his main source of income.
Best way is to show as business income.
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