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Income tax for salary+business

Raminder Singh Sandhu (Proprietor) (52 Points)

29 June 2015

Hello Friends,

I have a query for ITR of year 2014-15. I was working in a company till December, 2014. The company deducted TDS from my Salary there. In December, 2014 I quit my job and started my own proprietorship company.

Please suggest which ITR form is needed to be filled and any other information for filing the same would be a great help.

Regards,

Raminder Sandhu

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13 Replies

ARUL PRADEEP (ARTICLE ASSISSTANT) (175 Points)
Replied 29 June 2015

what is the nature of business of ur proprietorship?

CA.Veerendra V Patil (Ptoprieter) (27 Points)
Replied 29 June 2015

Itr 4 need to be file in this case

1 Like

deepak (Student CA Final) (60 Points)
Replied 29 June 2015

Itr 1 wud be required

praveen choudhary (ca) (31 Points)
Replied 29 June 2015

Itr 4 need to befile bcoz of our business

Jaspal Singh (Practising CA) (321 Points)
Replied 30 June 2015

Itr 4 would be appropriate ..

meet shah (Chartered Accountant) (27 Points)
Replied 30 June 2015

ITR 4 should be filed

Shashank Upadhyay (Students) (288 Points)
Replied 30 June 2015

You should opt for ITR 4.

1 Like

M.N.GAJENDRA (Tax Practitioner ) (39 Points)
Replied 30 June 2015

Yes It's ITR 4 you have to submit

1 Like

rakesh (student) (29 Points)
Replied 30 June 2015

ITR V form income tax calculate same as we solve in book but deposoit to govt account monthly basis to take some assumption if employee are not able or present all details

ARUL PRADEEP (ARTICLE ASSISSTANT) (175 Points)
Replied 30 June 2015

ITR 4 ONLY....

1 Like

vishnu bhardwaj (Tax Advocate) (212 Points)
Replied 30 June 2015

Dear Friend,

You can file itr 4s if you show your business profit @ 8% or Higher and if you have audit of accounts by ca or or your profit is less then 8% you file itr 4

1 Like

Raminder Singh Sandhu (Proprietor) (52 Points)
Replied 30 June 2015

Thank You all for your replies.

Dear Mr. Vishnu,

As I started my business this year only, so I am not in profit yet if I'll add my establishment expenses. So, Can I consider it as lower than 8% and file ITR 4 ??

Also, I checked in IT website, ITR-4 is for proprieters only. What about my income from salary that I collected during job before starting the business ??

Thanks & Regards,