Itr4 or itr 3

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if tds deducted on 194d. can I file ITR4
Replies (6)
(May be Yes...)

But, I can't confirm without known the actual works/business...

you will go with ITR-3 

Originally posted by : CA Anoop Kumar Sharma
opening quote you will go with ITR-3  closing quote

Please can you give reason for above suggestion...

Why ITR 3 & Reason...??

Why not ITR 4 & reason...??

Originally posted by : RAJA P M
opening quote


Originally posted by : CA Anoop Kumar Sharma



you will go with ITR-3 





Please can you give reason for above suggestion...

Why ITR 3 & Reason...??

Why not ITR 4 & reason...??
closing quote

Before we understand the difference between ITR-3 and ITR-4, we need to be clear about ITR-4 is for resident individuals & HUF & partnership firms that have chosen the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE, with an income of up to Rs. 50 lakhs. 

Presumptive taxation for businesses is covered under Section 44AD. Businesses with a turnover of less than Rs. 2/3 crore can choose this scheme and must declare profits of 8% for non-digital transactions or 6% for digital transactions. The following businesses cannot use presumptive:

  • Life insurance agents
  • Commission agents
  • Businesses involved in plying, hiring, or leasing goods carriages  

so we need file ITR-3. 

Selection of itr based on source of income and others
Originally posted by : CA Anoop Kumar Sharma
opening quote


Originally posted by : RAJA P M






Originally posted by : CA Anoop Kumar Sharma



you will go with ITR-3 





Please can you give reason for above suggestion...

Why ITR 3 & Reason...??

Why not ITR 4 & reason...??





Before we understand the difference between ITR-3 and ITR-4, we need to be clear about ITR-4 is for resident individuals & HUF & partnership firms that have chosen the presumptive taxation scheme under Sections 44AD, 44ADA, or 44AE, with an income of up to Rs. 50 lakhs. 

Presumptive taxation for businesses is covered under Section 44AD. Businesses with a turnover of less than Rs. 2/3 crore can choose this scheme and must declare profits of 8% for non-digital transactions or 6% for digital transactions. The following businesses cannot use presumptive:


Life insurance agents
Commission agents
Businesses involved in plying, hiring, or leasing goods carriages  


so we need file ITR-3. 
closing quote

 

Well...

Now, the query resolved and querist also got why insurance income through ITR 3.


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