Sir,
If income is from other sources and also income from very small business (not of sec 44 AD). And nil filing. Which ITR form should be opted. Earlier I used to file ITR 4S.
Please make me know how to deal with this.
Thanks and regards
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Suitable ITR for other income and nil filling
Replies (5)
Quick Summary
Earlier you filed ITR 4S...means adopt presumptive Taxation u/s 44AD...in query it's mentioned that "small business (not of sec 44 AD)."
What is your business activity..?
What is your business activity..?
Business of insurance agency.
A person can not file return u/s 44AD for income of brokerage, Commission and any agency business..So, 44AD is not applicable.
If your Insurance agency income is Regular and also going to be increase/ continue in future years also, than its considered as business income and you can file ITR 3
But it's irregular and small in amount as compared to your other head income than you can consider that income as income from other sources and file ITR 1. (ITR 2 if also have any Capital Gain)
If your Insurance agency income is Regular and also going to be increase/ continue in future years also, than its considered as business income and you can file ITR 3
But it's irregular and small in amount as compared to your other head income than you can consider that income as income from other sources and file ITR 1. (ITR 2 if also have any Capital Gain)
Ok thank you
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