Or is it enough just to mention the current account details (as the IT department asks details for all bank accounts maintained by an individual)? All of my income is from PGBP so I file ITR-4 on presumptive basis every year. This new business is a sole proprietorship. I also obtained a GST number for this business during the FY (in case that makes any difference). Thanks!
If the PAN is the same as the one for your existing PGBP, then there's no impact in income tax. All the income (or lack of it) is related to the same entity, ie you. And it's all from a business / profession, so there's no new category of income to mention (even if it were more than zero).
Simply continue doing what you have been doing in the past and include the new bank account and the new GST registration number in your return. Since this new GST will have no income reported, there will not be a mismatch with the income tax returns either.
| Originally posted by : sabyasachi mukherjee | ||
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Since there is no income file returns stating minimum incomefile itr 4 |  |
I didn't realise no income equals minimum income!
And for those of us who are clearly inadequately informed, could you please enlighten us on the meaning of minimum income? Is there a definition?
Thank you so much! This clears things up a bit.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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