Two questions - 1. In one FY if a person has both salary income (around 80% of GTI at the moment but likely to come down below 50% level in the years to come) as well as business income, which form to use for filing IT Return? 2. From AY2011-12 pnwards salaried class with income up to 5 lacs are going to be exmpt from filing their IT Returns, But in this case whether the person is exempt from filing his tax return if his salary income does not excedd the prescibed limit?
1) ITR-4
2) No The exemption is allowed only for salaried employees, but in your case, income is earned by salary and business both.
ITR 4
Yes, you do not need to file the ITR if you have only income from salary and other sources but you have salary income as well as business income then you have to file your ITR-4
why not ITR4s
ITR 4S COULD BE FILE.
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