Change in ITR from employee to entrepreneur

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Sneha C (Querist)
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28 July 2022 Hi,

I was employed till 2020 and was filing ITR 1. Now I am a full-time entrepreneur and have income from my venture and interest income. I have not maintained books of Account so far.

1. Which ITR should I file from the current year onwards? ITR 3 or 4?

2. Should I maintain books of account from the Current year onwards? If Yes, then can I include all the previous assets (stridhan etc)? Will that have any impact?

Request for a prompt response, since we are left with just 3 days for ITR Filing.

Thanks.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 July 2022 If you have not maintain books of accounts, and also if you are eligible for sec. 44AD/44ADA of It act, file ITR 4.

Sneha C

Sneha C (Querist)
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28 July 2022 Which section will be applicable for a yoga and meditation instructor/ life coach? Sec 44AD or 44ADA?

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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28 July 2022 File it u/s. 44ADA of IT act..

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