ITR 4s
This query is : Resolved
23 July 2011
An assessee (wholesaler) is having a proprietory business with annual turnover of Rs.5 Lakhs. He is showing income on presumtive basis @ 8%. He is also a partner in a firm earning remuneration & interest from the said firm. My question is which return form is applicable to him as ITR 4s has no schedule to include his business income from partnership business and ITR 4 is not applicable as he is showing income from business on presumtive basis. Please advise.
23 July 2011
You can file the Return in ITR 4.
It is having the required fields for showing the income from firm as well as presumptive income.
It is having the required fields for showing the income from firm as well as presumptive income.
24 July 2011
You cannot use ITR-3, as the partner is having income from a proprietorship also.
ITR-4s cannot be used as their are other business incomes except presumptive income.
So the correct form will be ITR 4.
ITR-4s cannot be used as their are other business incomes except presumptive income.
So the correct form will be ITR 4.
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