ITR SUGGESTION

Dear sir

I am a salaried person and also a Director in an unlisted company registered under company act by my father since september 2019. At present there is NIL income as my dad had not done any business due to COVID. But I had share listed in my name to the tune of Rs.30000.00 further there is some addition as loan for meeting some exigency expenses. I want to know which ITR has to be filed for the AY 2021-2022. I had filed ITR 4 in the previous AY 2020-2021 and it has been accepted without any remark. Pls guide.

Replies (4)
Quick Summary
This discussion addresses the correct Income Tax Return (ITR) form for a salaried individual who is also a director in an unlisted company. Despite having NIL business income due to COVID-19, the individual holds shares and has taken a loan. Having previously filed ITR 4, they are seeking guidance on whether ITR 3 is now mandatory due to their director status, especially since ITR 3 is often required for directors.

I think ITR3 is the right choice in this case.
ITR 3 is mandatory for those who are director in a company

Thanks for your guidance. Much obliged

 

ITR 3 should be filed

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