ITR FORM 3 OR 4

A person filed ITR4 from last few years as he had business. he also purchased mutual fund from where he got dividend and it also reflected in AIS report where he saw also purchase Mutual Fund. So now which return he should filed, ITR4 or ITR3, if he shown in other income as dividend as he did not sale any mutual fund till now and filed ITR4, there will be any problem or not? please give your valuable opinion.

 

Replies (3)
Quick Summary
This discussion addresses a common query regarding the correct Income Tax Return (ITR) form for individuals with business income who also receive dividends from mutual funds. The consensus is that if you have previously filed ITR 4 under the presumptive scheme and have not sold any mutual funds (thus no capital gains), you can continue to file ITR 4. Showing dividend income under 'other income' in ITR 4 is acceptable in this scenario, as the form is suitable for businesses with an annual turnover up to £2 crore.

No problem. You can file ITR 4 as usual, because there is no capital gains to be declared.

In case of sale of mutual fund if capital gain arises Itr-2 to be filed

but in this case there is no capital gain Itr 4 to be filed
Itr forms 4 is for presumptive scheme. annual turnover 2 crores.
are

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