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Income tax returns?

Sridhar (Executive) (40 Points)

08 February 2018

What type of ITRs need to file in the below cases, for AY 2015-16:

1. An Individual having only interest income. (ITR 1 or ITR 2)

2. An Individual having income from a proprietary business, interest and rental. (ITR 4)

3. An invidual having Income from Salary, Interest and Rental. (ITR 1 or ITR 2)

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4 Replies

narender rawat (57 Points)
Replied 08 February 2018

1.In case of Interest ITR-1 Will be prepare
2.In case of proprietary business ITR-3 should be filled.
& in 3rd case ITR 1 will be prepared

Sridhar (Executive) (40 Points)
Replied 08 February 2018

But in the Income Department Website, it mentioned that, regarding form types, that,

ITR 3 For Individuals being partners in firms and not carrying out business under any proprietorship.

ITR 4 For Individuals having income from a proprietory business

In the way, I thought that ITR 4 is suitable for An Individual having income from a proprietary business, interest and rental.

Please clarify me.

narender rawat (57 Points)
Replied 08 February 2018

The Current ITR3 Form is to be used by an individual or an Hindu Undivided Family who have income from proprietary business or are carrying on profession. The persons having income from following sources are eligible to file ITR Carrying on a business or profession
Return may include income from House property,Salary/Pension and Income from other sources.

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narender rawat (57 Points)
Replied 08 February 2018

The current ITR 4 is applicable to individuals and HUFs having income from a business or profession and who have opted for the presumptive income scheme as per Section 44AD ,Sec 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business exceeds Rs 2 crores, the tax payer will have to file ITR-3.

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