which itr should file for a.y 2018-19

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Querist : Anonymous

Querist : Anonymous (Querist)

10 June 2018 Running small photo studio in village along with photocopy (xerox) machine, not maintained any books of accounts but require a loan so i need to file a return.Kindly give your suggestion which ITR form should i need to file.
Thank you

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)

10 June 2018 you can file ITR-4 since you are not maintaining books. However, bank may ask for more details to ascertain your ability to pay the loan back.

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Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2018 Thank you sir.One more doubt that if we file ITR 4 i.e presumptive income i need to show Gross annual Receipts was Rs 150000.In that case 8% of 150000 amounts to Rs 12000 will be the taxable income.Please give me suggestion shall i file showing Rs. 12000 as taxable income.Will bank grant loan if i show Rs 12000.
or
Shall i show the actual profit i earned is Rs 88097.00 can i show this amount

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)

11 June 2018 for what purpose you are taking loan for? what is the amount of the loan, tenor of the loan, interest rate etc - all these factors decide whether loan will be given or not. And if your profits are not sufficient to fund the repayment, you won't get the loan in any case.

Querist : Anonymous

Querist : Anonymous (Querist)

11 June 2018 Thank you Nikhil sir for your quick reply.Please clarify under which section shall i file the return 44AD OR 44ADA (running a photo studio shop)
Thanks in advance.

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)

12 June 2018 ideally 44AD in your case....

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