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Opt for ITR

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cksingh

Accountant

186 Points Posted on 18 August 2022

Dear all

I want to know that if income are to be from small business as well as sip/ mutual fund so which itr should be opt

Replies (9)

Quick Summary

This discussion clarifies which Income Tax Return (ITR) form to choose when you have income from both a small business and investments like SIPs or mutual funds. While ITR-3 is a suitable option, ITR-4 is often easier for small businesses, provided certain conditions regarding turnover and capital gains are met. The conversation highlights the specifics of ITR-4, which is designed for presumptive income schemes.

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 19 August 2022

ITR-3 can be used

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

212441 Points Posted on 19 August 2022

For small businessman with any income from investment in shares/MF, ITR 4 is easier to be filed.

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 19 August 2022

ITR-3

Eswar Reddy S

CFO- at NHTF

58280 Points Posted on 20 August 2022

ITR-4 can also be used if there is no capital gain from mutual fund

Sai Allu

754 Points Posted on 21 August 2022

ITR-4 Form is the Income Tax Return form for the taxpayers who opt for a presumptive income scheme under Section 44AD, Section 44ADA and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 2 crores, the taxpayer will have to file ITR-3