Can I file Nil Return for my partnership firm using ITR 4? ITR 5 is too complicated for me.
I have received a defective return notice today. It said,
"As per rule 12 (1)(ca), a person deriving income under the head “profits or gains from business /profession” and such income computed in accordance with special provisions of section 44AD or 44AE or 44ADA, is required to furnished return in ITR-4. The Return of Income is filed using ITR 4, however, income from business or profession under section 44AD or 44AE or 44ADA is not disclosed"
Possible Resolution - "ITR 4 is not applicable to your case since income from business or profession under section 44AD or 44AE or 44ADA is not disclosed. If you do not have any income from business or profession under section 44AD, 44AE or 44ADA, then kindly file corrected Return using ITR 2 (for individuals and H.U.F) or ITR 5 (In case of Firm)"
I was thinking to show a turnover of Rs. 1 so that I can file ITR 4. Is this a possible solution if I can't file nil return using ITR 4?
CAclubindia
