Shanthi (Junior Student) (226 Points)
22 June 2015Which ITR form for individual sole proprietorship AY 2015-2016
Dear Sir/Madam,
I wish to confirm that for a person running an import/export software business and profit is about 7 lakhs under individual name ITR 4 only applies ?
Am I correct ?
Thanks a lot.
Regards
Shanthi
Deepak sharma
(Learner)
(1431 Points)
Replied 22 June 2015
Hello,
ITR 4S has been specifically prescribed for the assessees showing their business income on presumptive Basis and are having Turnover/Gross Receipts not exceeding Rs 1crore.
However, for professionals and persons carrying on business having 1 Crore above turnover , have to file the TAx Audit Report and their return will be filed in ITR4. (Compulsary for audited & optional for Non audited)
You can go for ITR-4 !
Thanks
Regards
Deepak Sharma
Shanthi
(Junior Student)
(226 Points)
Replied 22 June 2015
| Originally posted by : Deepak sharma | ||
 |
Hello, |
 |
Thanks a lot. SO I can go for ITR 4 since the persons's income is NOT presumptive business income.
Shanthi
CAclubindia
