My relative is an sole proprietor doing real estate business and he want to file income tax return from this year. His gross receipts were 15,00,000 during the year. Can he file return in form ITR 4 or is he required to file return in ITR 3. If he wish to file return in ITR 4 will there be any problem. Pls guide me in this issue
1 Replies
gaurav rajguru
(20 Points)
Replied 13 August 2020
He can go for ITR 4 but you should keep in mind
person having income from salary, house property or other sources above Rs 50 lakh cannot use this form.
person who is either a director in a company and has invested in unlisted equity shares cannot use this form.
person's HUF or partnership firm whose books of accounts should be audited under the Income Tax Act, 1961.
person having income from salary, house property or other sources above Rs 50 lakh cannot use this form.
person who is either a director in a company and has invested in unlisted equity shares cannot use this form.
person's HUF or partnership firm whose books of accounts should be audited under the Income Tax Act, 1961.
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