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Private job salary + sole proprietary bussiness income: itr?

ITR 605 views 1 replies

If someone is doing private job in a company and also running parallel sole propritery business, then which ITR form should be submitted while filling return. (ITR4 or 4s). Nature of bussiness is trading and wholesale and annual turnover around 10 lac.

He has form-16 issued for that salary income.

Now which are list of documents required for filling that return?

His tax is deducted from salary income from that employer but he is making lose in bussiness. So now it is possible to get refund for tax deducted. and what is the process for it?

Replies (1)

1. Return to be filled is ITR 4 (as you can carry forward the same to next year)

2. Loss from business can not be set off against salary income, so refund of tds is dependent upon your tax liability and tax deducted

3. No documents are required for filling(e-filling) but are required to maintain the same 

4. Refund is easy in ITR 4 just fill up your bank details properly, if any refund would be due it will transfer directly to your bank account

 


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