Calculation of Business income

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A client has both salary income and a recently closed business where Rs. 5,06,000 was received. The user is seeking guidance on how to report this business income, specifically whether to file ITR-3 or ITR-4 using presumptive tax. The discussion explores the suitability of ITR-4 when salary income is also present.

ARITRA CHAKRABORTY

ARITRA CHAKRABORTY (Querist)
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20 September 2020 One of my clients is salaried, apart from that she did open a Business in the P.Y. No information regarding net profit is furnished, from her Bank Statement, it is found an amount of Rs. 5,06,000 received after closing the business. So how should I show the income? Shall I file ITR-3 and show the income as presumptive tax? or other else. Please guide me