Ad-Free CAclubindia and Daily Updates on your mobile. Subscribe Now!

Itr3 filing

(Guest)

Is there any issue if a govt employee files ITR -3 as it is considered that normally itr3 is filed if we have some business income.

Reply
Follow
Share

9 Replies

Kapadia Pravin (17259 Points)
Replied 19 August 2019

You file ITR1 if salary below 50 lakhs.
ITR3 is for business income

Upgrade to CAclubindia Pro. Subscribe Now!

(Guest)

i have salary ,stcg & speculative profit too, in that case?

Amit Agarwal (Sr. Manager - Accounts) (51 Points)
Replied 19 August 2019

There is the only one option ITR-3 as you have business income.

(Guest)

thank u.kindly comment on first question too

";Is there any issue if a govt employee files ITR -3 as it is considered that normally itr3 is filed if we have some business income''

Amit Agarwal (Sr. Manager - Accounts) (51 Points)
Replied 19 August 2019

As per my knowledge, there is no specific ITR form for Govt. employees. so you should file ITR-3 as you have business income.

Upgrade to CAclubindia Pro. Subscribe Now!

Kapadia Pravin (17259 Points)
Replied 19 August 2019

You should check policy of Govt employer as to whether it's rules allow such speculative business activity or not.

(Guest)

i agree with u, but there is no clear guide lines in this regard

(Guest)

Suppose the Demat account holder is govt employee but the trading activities are carried out by spouse or any family members ,in that case it can be shown as business income. is there any rule which states that the account holder must do the trading? pls do respond