ITR 2 or 4
This query is : Resolved
Jitendra Sevak
(Querist)
27 October 2008
My One Party received Commission Rs. 1,09,000/- TDS deducted Rs. 2,240/-
Other Miscellaneous income Rs. 29,000/-
Short Term Capital Gain Rs. 12,600/-
please tell me ITR Form submission to Income Tax Office In ITR 2 or ITR 4
and Balance Sheet and Profit & Loss Account Preparation necessary or not
Please tell me
Other Miscellaneous income Rs. 29,000/-
Short Term Capital Gain Rs. 12,600/-
please tell me ITR Form submission to Income Tax Office In ITR 2 or ITR 4
and Balance Sheet and Profit & Loss Account Preparation necessary or not
Please tell me
Reetika Goel
(Expert)
27 October 2008
Hello Mr. Jitendra,
If the assessee(Individual or HUF) has income under any head EXCEPT under "Profits/gains from Business/Profession", then either ITR 1 or 2 is filed.
However, if the assessee has income under Salary head and other sources only as Bank Interest, in that case ITR 1 is to filed otherwise ITR 2 is filed.
ITR 4 is filed only when there is loss/income under "PGBP" head.
If the assessee(Individual or HUF) has income under any head EXCEPT under "Profits/gains from Business/Profession", then either ITR 1 or 2 is filed.
However, if the assessee has income under Salary head and other sources only as Bank Interest, in that case ITR 1 is to filed otherwise ITR 2 is filed.
ITR 4 is filed only when there is loss/income under "PGBP" head.
27 October 2008
File return in ITR-2. No need to prepare P&L and B/S.
DINESH KUMAR
(Expert)
28 October 2008
In your case assessee is earned commission i.e. business income should file ITR-4 .
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