Applicable itr form for fy 2015-16, 2016-17, 2017-18

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Vishal (Querist)

28 July 2018 Dear Sir,

Kindly advise applicable ITR form for following scenario of myself as situation is quite tricky,

1] FY 2015-16, Salary Income - 1,65,000, Taxable Income as a partner in firm - 75000.
2] FY 2016-17, Salary - 0, Taxable Income as a partner in firm - 75000, Gross receipt as a Self Employed (E-Commerce trader before GST) - 42000
3] FY 2017-18, Salary - 0, Taxable Income as a partner in firm - 1,38,000, Gross receipt as a Self Employed (E-Commerce/direct trader after GST) - 2,65,000.

Also advise whether I can file all three returns this year because for FY 2015-16 & 2016-17 I am filing only for TDS refund deducted on FD's, although I require these returns for loan purpose in future.

Please guide.

Thanks,
Vishal

RAJA P M

RAJA P M (Expert)

29 July 2018 What are the details for income from Partnership Firm...? I mean Firm ITR details and its sections...???

Vishal

Vishal (Querist)

29 July 2018 As per ITR-5 filed for Partnership firm details are,

1] FY 2015-16, Gross Income Of Firm - 8855, Remuneration & Interest To Partners - 75000 each
2] FY 2016-17, Gross Income Of Firm - 0 (Shown loss), Remuneration & Interest To Partners - 75000 each
3] FY 2017-18, Firm ITR not filed but as per bank account records I received 1,38,000 from firm.

So considering Salary income, Income as a proprietor & income as a partnership firm for respective years which ITR is applicable, please advice.

Can I go for presumptive income based ITR for FY 2016-17 & 2017-18 as a Sole Proprietor by declaring income from Partnership in other sources ?. Its because I wish to avail (Mudra) loan based on these ITR's as a Sole Proprietor for successive 2 years.

I am continuing now as a Proprietor & there are no more transactions or income from Partnership firm after March-18. (The firm is formally closed but not officially as no ITR filed for FY 2017-18).

Please give best advise as I am stuck here.

Vishal

Vishal (Querist)

30 July 2018 Hello Sir/s,
Will I get advise on above situation ?

RAJA P M

RAJA P M (Expert)

01 August 2018 Is the Firm is under Tax Audit or Not...?

If not then which section they opt as sec 44AD or 44AA...?

Note:
In current situation all are busy with Income Tax and GST...

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Vishal

Vishal (Querist)

02 August 2018 Hi, thanks for your attention, as mention in filed ITR-5 of firm for FY 2015-16 & 2016-17,

a) Whether liable to maintain accounts as per section 44AA? No
(b) Whether liable for audit under section 44AB? No
If (b) is Yes, whether the accounts have been audited by an accountant? If Yes, furnish the following
information

So its non-audit case.
Please advise accordingly because my individual ITR return filing is not proceeding as I am stuck.

RAJA P M

RAJA P M (Expert)

02 August 2018 You ll file ITR 3 for above said incomes...

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Vishal

Vishal (Querist)

02 August 2018 You suggested ITR-3 for all cases. Is there any requirement that ITR forms should not be changed ?

What in case person changes a profession ?

Please advise whether I can go for ITR-4 (Presumptive Income) for FY 2016-17 & 2017-18 based on Self Employed Business (ensuring all income from other sources are disclosed in respective ITR's).

Kindly reply.