Income tax

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student
50 Points Posted on 01 October 2020
Upto last fy I was filing itr 4 (44ad) now don't have turnover but have stock. Which itr should I file.?
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On 01 October 2020 at 13:13 Report
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This discussion addresses the confusion around which Income Tax Return (ITR) form to file when an individual has stock but no turnover. Previously filing under presumptive taxation (ITR 4, Section 44AD), the user is now unsure if ITR 4 is still appropriate. The consensus suggests that without turnover, the concept of 44AD is defeated, and ITR 3 might be the correct form to use.

Guest

ITR4. Same as last year.

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On 01 October 2020 at 14:16
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Tax consultant
5895 Points Posted on 01 October 2020
Same itr 4 which you are filling
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On 01 October 2020 at 14:24
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Chief Accountant
3150 Points Posted on 01 October 2020
But if person doesn't have any turnover, than what to show in ITR 4 ?
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On 01 October 2020 at 23:03
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Tax consultant
5895 Points Posted on 02 October 2020
He have stock
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On 02 October 2020 at 08:19
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student
50 Points Posted on 03 October 2020
Yeah that's why have to file 4
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On 03 October 2020 at 11:21
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204 Points Posted on 08 October 2020
But having no turnover defeats the concept of 44AD. In case of only stock and no turnover, will have to go towards Itr 3
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On 08 October 2020 at 23:16
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Tax consultant
5895 Points Posted on 09 October 2020
WHO FILLS ITR3
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On 09 October 2020 at 08:44

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