Hello, have been filling ITR 4(Sugam) for previous years., but the proprietor is now retired and has closed the company and hasnot made any billing in financial year. He has got some payments less then 50000 but that was from previous billing outstandings. so can he go for ITR 2 sugam instead since the total billing is 0? He needed to show capital gain so thats why he cant file ITR4 and wants to avoid ITR3.
Thanks
Yes....... you can file ITR2 when there is no income from "PGBP" head.
To make it more clear
Actually Billing == 0
Gross Receipt = 50,000 (outstanding from old financial years)
Still can file ITR 2? .
Yes, as the tornover is Nil, firm has been closed & proprietor has retired....
He needs to claim tds and show capital gain from property.
CAclubindia
