Can salaried employee file returns as Business Owner

Dear Balaji,

Although I m not sure what u r trying to ask but Yes an assesee can simuntaneously earn income from "Salary" as well as "Business", In that case ITR 4 shall be filed............. 

Ya, you can file your return as business owner even holding employment.

Yup...!

Same answer. You can file the return...

Yes....you can file ITR 4.....It has both salary and Business income........

Does that mean I can utilize the benefits of carrying forward losses and showing expenses incurred for the business thus offsetting the TDS i have paid against the Salary income?

Or I will be assessed on two different profession separately?

Dear Balaji.....

You have to show separately ......the salary income and Business Income (after adjusting expenses and other incomes)......

Carry forward Business loss can only be adjusted against business income and not against salary income.........

Tax will be computed on the Total Income........Any TDS paid can be adjusted on the TAX......

Ya u can file ITR 4.ITR 4 include both salary and Business income.

An Assessee can have dual Income both from Salary as well as Business Income but He shall be entitled to depriciation on assets blaock only to the extent of income from business profession and also tax deducted at source to be clubbed while calculating total tax on income which shall be consolidated of salry as well business income. CA D B S Dhingra.