Nil self embroidary income in income tax returns
This query is : Resolved
Venkkatesh
(Querist)
03 November 2015
Sir/Mam,
An assessee is filing her returns with Self Embroidary work Income since last few years along with Salary Income. Recently she is a Director of a Company and not doing the business. She wants to remove that income and want to show only Salary.
Till now ITR 4 submitting now want to submit ITR 4S by removing the Business Income.
1. Before submitting the Nil Business Income should assessee has to submit any declaration to the Income Tax Department?
2. If we file the return without Business Income in ITR 4S instead of ITR 4 will the assessee get any Notice from the Department?
An assessee is filing her returns with Self Embroidary work Income since last few years along with Salary Income. Recently she is a Director of a Company and not doing the business. She wants to remove that income and want to show only Salary.
Till now ITR 4 submitting now want to submit ITR 4S by removing the Business Income.
1. Before submitting the Nil Business Income should assessee has to submit any declaration to the Income Tax Department?
2. If we file the return without Business Income in ITR 4S instead of ITR 4 will the assessee get any Notice from the Department?
Amol S Joglekar
(Expert)
03 November 2015
Let her file ITR1.
Whether or not the assessee will get notice depends upon scrutiny criteria which get changed from year on year basis.
And even if notice is received, there is no harm in telling the truth that the business is discontinued.
Whether or not the assessee will get notice depends upon scrutiny criteria which get changed from year on year basis.
And even if notice is received, there is no harm in telling the truth that the business is discontinued.
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