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ITR Form & Filing Requirements for Propreitorship Firm

26 May 2021

Dear Friends,
Which ITR form we need to select for Propreitorship firm? Let me know the requirements for filing the same

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8 Replies

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 26 May 2021

It should be ITR 3

1 Like

Sivaramaraju G (Learner) (2398 Points)
Replied 26 May 2021

If proprietor is into business then ITR 3.

Your have to maintain books for business if your turnover exceeds 10L or total income exceeds 2.5L

PAN and Aadhaar are basic requirements.

vouchers/bills related to business
bank statements relating to business.
GST returns filed if GST applicable.

other supporting documents for claiming deduction like LIC, Medical insurance, children's school fee etc...

2 Like

veerendar singh (tax consultant) (3301 Points)
Replied 26 May 2021

Itr 3.
if its a small business then itr 4 may apply.

1 Like

Mohanraj J (1162 Points)
Replied 27 May 2021

Thank you so much for all

veerendar singh (tax consultant) (3301 Points)
Replied 27 May 2021

You are welcome mohan

CA Rashmi Gandhi (Chartered Accountant) (86220 Points)
Replied 11 July 2021

Depends on your business but advisable to file ITR-4 (if no capital gain income)

1 Like

Mohanraj J (1162 Points)
Replied 11 August 2021

Dear Friends, I registered in IT eportal as an Individual.
Name As Per PAN : RAJ
Trade Name As Per GST : RAJ TRADERS
I am not able to select ITR FORM 3.
Anyone can help me accordingly