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Itr4 or itr 3

LalitThakur (accountant) (22 Points)

13 June 2024

if tds deducted on 194d. can I file ITR4

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6 Replies

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 13 June 2024

(May be Yes...)

But, I can't confirm without known the actual works/business...

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CA Anoop Kumar Sharma (Accounts Manager) (1837 Points)
Replied 13 June 2024

you will go with ITR-3

RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 13 June 2024

Originally posted by : CA Anoop Kumar Sharma
	you will go with ITR-3

Please can you give reason for above suggestion...

Why ITR 3 & Reason...??

Why not ITR 4 & reason...??

CA Anoop Kumar Sharma (Accounts Manager) (1837 Points)
Replied 13 June 2024

Originally posted by : RAJA P M
	Originally posted by : CA Anoop Kumar Sharma you will go with ITR-3 Please can you give reason for above suggestion... Why ITR 3 & Reason...?? Why not ITR 4 & reason...??

Before we understand the difference between ITR-3 and ITR-4, we need to be clear about ITR-4 is for resident individuals & HUF & partnership firms that have chosen the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE, with an income of up to Rs. 50 lakhs.

Presumptive taxation for businesses is covered under Section 44AD. Businesses with a turnover of less than Rs. 2/3 crore can choose this scheme and must declare profits of 8% for non-digital transactions or 6% for digital transactions. The following businesses cannot use presumptive:

Life insurance agents
Commission agents
Businesses involved in plying, hiring, or leasing goods carriages

so we need file ITR-3.

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sabyasachi mukherjee (27117 Points)
Replied 13 June 2024

Selection of itr based on source of income and others

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RAJA P M ("Do the Right Thing...!!!") (127921 Points)
Replied 14 June 2024

Originally posted by : CA Anoop Kumar Sharma
	Originally posted by : RAJA P M Originally posted by : CA Anoop Kumar Sharma you will go with ITR-3 Please can you give reason for above suggestion... Why ITR 3 & Reason...?? Why not ITR 4 & reason...?? Before we understand the difference between ITR-3 and ITR-4, we need to be clear about ITR-4 is for resident individuals & HUF & partnership firms that have chosen the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE, with an income of up to Rs. 50 lakhs. Presumptive taxation for businesses is covered under Section 44AD. Businesses with a turnover of less than Rs. 2/3 crore can choose this scheme and must declare profits of 8% for non-digital transactions or 6% for digital transactions. The following businesses cannot use presumptive: Life insurance agents Commission agents Businesses involved in plying, hiring, or leasing goods carriages so we need file ITR-3.