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10iea for Ay 2024-25

ANIL KUMAR KHETAN (PROPRIETOR) (542 Points)

25 July 2024

From 10iea file within time i.e. upto 31st July 2024 , but ITR wanted file belated upto December 2024 . It is possible or not for business income return ITR 4 or ITR 3 , please immediately reply required

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Rama chary Rachakonda (Master in Accounts & high court Advocate) (8479 Points)
Replied 25 July 2024

The 10-IEA filing procedure refers to the process of filing Form 10-IEA with the Directorate General of Foreign Trade (DGFT) in India. Here's a step-by-step guide: *Form 10-IEA:* - *Purpose:* To apply for an Importer-Exporter Code (IEC) number. - *Eligibility:* All importers and exporters must obtain an IEC number. *Filing Procedure:* 1. *Online Registration:* Register on the DGFT website (https://www.dgft.gov.in/) and create a user ID and password. 2. *Fill Form 10-IEA:* Fill the online application form with required details, including: - Business details - Address - Bank account details - PAN number - Aadhaar number (for individual applicants) 3. *Upload Documents:* Upload scanned copies of: - PAN card - Aadhaar card (for individual applicants) - Cancelled cheque or bank certificate - Address proof 4. *Pay Fee:* Pay the application fee (currently ₹500) online. 5. *Submit Application:* Submit the application and take a printout of the acknowledgement. 6. *Verification:* The application will be verified by the DGFT. 7. *IEC Number:* If approved, an IEC number will be generated and sent to the applicant's email ID. *Note:* - Ensure all details are accurate and documents are uploaded correctly. - In case of errors or rejections, resubmit the application with corrections. - The IEC number is valid for life, unless surrendered or cancelled. Please consult the DGFT website or a trade expert for any further assistance.

Rama chary Rachakonda (Master in Accounts & high court Advocate) (8479 Points)
Replied 25 July 2024

Business income should be reported in: - ITR-3 (Form ITR-3): If the business is a proprietary concern or a partnership firm, and the assessee is not eligible to file ITR-4. - ITR-4 (Form ITR-4): If the business is a proprietary concern and the assessee is eligible to file ITR-4 under the presumptive taxation scheme (Section 44AD or 44AE). Key differences: - ITR-3: - Applicable for businesses with turnover exceeding ₹2 crores. - Requires detailed accounting and audit reports. - ITR-4: - Applicable for businesses with turnover up to ₹2 crores. - Presumptive taxation scheme, with a deemed profit percentage. If you're unsure which form to use, consider consulting a tax expert or chartered accountant to ensure accurate reporting and compliance with tax regulations.

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