Which ITR return is to be filed by a carpenter making furniture as per customer specifications
This query is : Resolved
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Manoj Chauhan
(Querist)
06 August 2024
Dear Sir,
Please let me know which ITR form should be filed by a carpenter who makes furniture as per the specifications given by customers.
Thanks.
Please let me know which ITR form should be filed by a carpenter who makes furniture as per the specifications given by customers.
Thanks.
Dhirajlal Rambhia
(Expert)
06 August 2024
File ITR 3 if books of account maintained.
Nikhil Kaushik
(Expert)
06 August 2024
it could be ITR-3 or ITR-4. depends on whether you are choosing presumptive scheme or not. If you choose presumptive scheme, generally ITR-4 will be applicable. But, keep in mind that even if you are choosing presumptive scheme, there are other factors that may require you to choose ITR-3.
Nikhil Kaushik
(Expert)
06 August 2024
These are the conditions under which even with presumptive scheme, ITR-4 cannot be filed:
Assessee:
- is a Resident but Not Ordinarily Resident (RNOR), or Non-Resident Indian
- has total income exceeding ₹ 50 Lakh
- has agricultural income in excess of ₹5,000/-
- is a Director in a Company
- has income from more than one House Property;
- has income of the following nature:
- winnings from lottery;
- activity of owning and maintaining race horses;
- income taxable at special rates u/s115BBDA or Section 115BBE;
- has held any unlisted equity shares at any time during the previous year
- has deferred income tax on ESOP received from employer being an eligible start-up
Assessee:
- is a Resident but Not Ordinarily Resident (RNOR), or Non-Resident Indian
- has total income exceeding ₹ 50 Lakh
- has agricultural income in excess of ₹5,000/-
- is a Director in a Company
- has income from more than one House Property;
- has income of the following nature:
- winnings from lottery;
- activity of owning and maintaining race horses;
- income taxable at special rates u/s115BBDA or Section 115BBE;
- has held any unlisted equity shares at any time during the previous year
- has deferred income tax on ESOP received from employer being an eligible start-up
Manoj Chauhan
(Querist)
18 September 2024
Thanks both of you for your kind guidance.
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