ITR

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For the assessment year 2020-2021, individuals or HUFs with income from proprietary business or profession should generally use ITR 3. If your accounts are prepared on a presumptive basis and not by you, ITR 4 may be a simpler option. ITR 4 is suitable for residents with total income up to Rs. 50 lakhs from business and profession computed under specific sections, provided you are not a company director or have invested in unlisted equity shares.

Dushmanta Rana

Dushmanta Rana (Querist)

07 July 2020 For profession and consultancy income which ITR is applicable for filing tax return for the assessment year 2020-2021 ?

Rahul varshney

Rahul varshney (Expert)

07 July 2020 The Current ITR3 Form is to be used by an individual or a Hindu Undivided Family who have income from proprietary business or are carrying on profession.

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c.bakshi

c.bakshi (Expert)

08 July 2020 IF YOU PREPARE BOOKS ON PRESUMPTIVE BASIS AND BOOKS ARE NOT PREPARED BY YOU THEN YOU CAN FILE AN EASY WAY TO FILE YOUR ITR WITH "ITR 4 FORM"

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Spurto Consultancy Services

Spurto Consultancy Services (Expert)

08 July 2020 You can file your return vide ITR 3 or ITR 4 as suitable.

ITR3: For individuals and HUFs having income from profits and gains of business or professio

ITR4: For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
(Not for an Individual who is either Director in a company or has invested in Unlisted Equity Shares)

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