I have 2 Queries
1) I am a Dr by profession and filed returns last year under presumptive taxation ITR4. But my CA was telling me that I cannot use that form if I have LTCG.
Just wanted to know whether that aspect has been rectified and can I use the ITR4 if I have LTCG from shares and MF which are tax free for FY 2017-18
2) Also after I file ITR4 do I still need to maintain Balance sheet?
Would be of great help if you clarify these doubts
Well, if you have any capital gains which are taxable........ then ITR3 is correct........
But as you refer to tax-exempt LTCG from shares & MF.... in that case you can file ITR4..
Declare the exempt income in schedule... 'Taxes Paid & Verification' as under:::
| 27 | Exempt Income only for Reporting Purpose (If agricultural income is more than Rs. 5000/-, use ITR-3/5) | ||||
| a | Agriculture Income | ||||
| b | Others | ||||
| Sl.No | Nature of Income | Descriptttion ( If 'Any Other' selected) | Amount | ||
| 1 | Sec10(38)-(Exempted Long term Capital Gains) | NA | |||
| 2 | (Select) | NA | |||
CAclubindia
