Itr-3

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ARTHI (Querist)
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21 August 2015 Dear Friends / Experts,

Please guide me on the following, IF POSSIBLE:

Senior Citizen-Assessee has been filing Form ITR-4 for the past years, as he has been receiving some business / professional income. Assessee is also partner in a Firm, where he gets negligible amount of share in profit.

For AY 2015-16, Assessee has no business / professional income and also no share of profit in the Firm i.e. Firm suffered Loss.

Query

Should the Assessee file the Return in Form ITR-4 or Form ITR-3? Please clarify, why Assessee should not use Form ITR-3 for this AY 2015-16, when he has no business / professional income?

Your reply, please..............

Thanks in advance for possible replies from all concerned.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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21 August 2015 No need to file income tax return presuming that assessee has no income other than from the firm.

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ARTHI

ARTHI (Querist)
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05 September 2015 Sir, While I thank you at the outset, I still require to be more specific in my query and hence, the following is for your kind reply, if possible:

Assessee has earned more Interest Income on Deposits, which is chargeable to Tax.

Sir, Kindly see my earlier query and the present one and please confirm, whether Assessee can use Form ITR-3.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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06 September 2015 Yes, assessee can use ITR-3.

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