Which itr form to use
This query is : Resolved
13 February 2014
Dear experts,
I am running a marriage hall from a few months back. This business is not registered and run as individual by me.
Accounts maintained by me only but not audited. Also, no other sources of income. Total income is still less than 9 lacs and so no service tax applicable.
I am filing ITR for the 1st time, which ITR form should I use for this?
Would appreciate if you could shed some light on this.
Thank you
I am running a marriage hall from a few months back. This business is not registered and run as individual by me.
Accounts maintained by me only but not audited. Also, no other sources of income. Total income is still less than 9 lacs and so no service tax applicable.
I am filing ITR for the 1st time, which ITR form should I use for this?
Would appreciate if you could shed some light on this.
Thank you
13 February 2014
you can use ITR4S.
14 February 2014
Dear Sir,
Thank you for the quick reply. In this case,
total turnover or gross receipt = Rs. 7 lacs
estimated income = 8% of 7 lacs = Rs. 56,000
Tax amount = 0 (since income is less than the 2 lacs band)
a) Is my understanding above correct?
b) Should i still file ITR form though tax is 0 (Nil) ?
Thanks much.
Thank you for the quick reply. In this case,
total turnover or gross receipt = Rs. 7 lacs
estimated income = 8% of 7 lacs = Rs. 56,000
Tax amount = 0 (since income is less than the 2 lacs band)
a) Is my understanding above correct?
b) Should i still file ITR form though tax is 0 (Nil) ?
Thanks much.
14 February 2014
yes your computation is correct. with regards to return, it is at your option. I would suggest that you should file anyways.
14 February 2014
better to file return even if no tax is payable.
14 February 2014
Dear both, thanks a lot for your reply!
Will file ITR4S.
Will file ITR4S.
14 February 2014
you are welcome Venkat.
14 February 2014
you are welcome friend venkat.
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