ITR Return for proprietorship

Sir,

one of my friend has a proprietorship firm having turnover around 20lakhs which ITR should file, he has to claim some tds refund from his business

Replies (4)
Quick Summary
This discussion clarifies the correct Income Tax Return (ITR) form for a proprietorship business with a turnover of around £20 lakhs. If books of accounts are maintained, ITR-3 is recommended to claim TDS refunds by filing P&L and Balance Sheet. However, if books are not maintained, or for simplicity, opting for the presumptive scheme under Section 44AD using ITR-4 is advised, declaring 8% of turnover as income.

ITR-3
If books are maintained fill p&l and B's
otherwise fill under 44AD
Books are maintained perfectly but they are filing gst returns
Since your turnover is less than 20 laks it is better to opt for presumptive Scheme... That is declare 8% of the turnover as GTI... ITR 4 is to be used for that...

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