Sole Proprietorship

This query is : Resolved

RINA GUPTA (Querist)
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20 July 2010 I have a human resource consultancy office opened last year as a sole proprietor.
I need to file return, for claiming refunds. My queries are:-

1) Should I need to file return before 31st July to claim refund or I can file later before end of the assesment year?

2) As a sole proprietor, I have to show my income as an individual, so is form ITR4 correct for me ?

Your advice on above queries would be appreciated.

Thanks,
Rina

Sunil Kr. Sanganeria

Sunil Kr. Sanganeria (Expert)
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20 July 2010 You can file your return till 31.03.2011 without attracting penalty.

Yes ITR-4 is the correct return Form

But If you professional income is more that 10 lacs ina year, than you will come within the ambit of Tax Audit. In that Case you have to file your return within 30th September, 2010

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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20 July 2010 Agreed With Sunil Ji.
But it is better , if you are not covered in tax audit, file return before 31st July 2010.
You can file return till 31.03.2011 without any penalty but it will be belated return. IF any case you have to revised it in future, then you can't revise. Because belated return can't be revised.

Hence it is better to file return within time limit.

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