Earlier itr4 now only salary
This query is : Resolved
26 July 2013
Madam/ Sir,
One of my clients has been filing ITR4 manually for last 2-3 years (since inception of proprietorship) with almost nil income and carry forwarding the depreciation thereon. Now the client has joined a job during 2012-13. He is not sure wether he would continue the business or not.
Now as his salary income exceeds 5 lacs, his return is to be filed electronically. What to do now? should he continue filing ITR-4 or switch to ITR-1. what should I suggest him?
One of my clients has been filing ITR4 manually for last 2-3 years (since inception of proprietorship) with almost nil income and carry forwarding the depreciation thereon. Now the client has joined a job during 2012-13. He is not sure wether he would continue the business or not.
Now as his salary income exceeds 5 lacs, his return is to be filed electronically. What to do now? should he continue filing ITR-4 or switch to ITR-1. what should I suggest him?
26 July 2013
if he does nothave income from profession then file itr-1 only.
27 July 2013
Thax sir,
but then he has to forgo loos/ depreciation he has been carrying fwd. also won't it invite a scrutiny from ito when he will compare this yr's return with previous years?
but then he has to forgo loos/ depreciation he has been carrying fwd. also won't it invite a scrutiny from ito when he will compare this yr's return with previous years?
CMA Ramesh Krishnan
(Expert)
29 July 2013
In case of no plan of continuing business, filing ITR-1 only the best option because carry forward of business loss anyway cannot setoff with salary income since he joined the job now.
In case there is no decision yet about business, better to file ITR-4 with mentioning carry forward losses as well.
So he want to carry forward the losses, he must file ITR-4 only. if he filing ITR-1 there is the end of all the losses
Also better to close the business activity properly and make the books completed.
In case there is no decision yet about business, better to file ITR-4 with mentioning carry forward losses as well.
So he want to carry forward the losses, he must file ITR-4 only. if he filing ITR-1 there is the end of all the losses
Also better to close the business activity properly and make the books completed.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Accounting treatment of AMC alongwith the purchase of Laptop
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Nursery business
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
