Which itr form to fill

ITR 1464 views 6 replies

I was employed at a organization for first 6 months of the company so I have form 16 from the employer where the TDS was deducted.. I am also holding firm where I am a partner and have income from Partnership firm and I also provide professional services to companies.. TDS is deducted by the company where I provide professional services. In this case which ITR to be filed in? Till last year - I used to file ITR3 which is for Firm + Individual but now this year where I have salary, firm income and the professional income..

Please guide in this. Also - since I setup my office for carrying out the consultancy firm - what are the expenses I can claim against this business? Will the income of all the the three modes above get summed up and Tax shall be computed on this? 

Replies (6)

ITR-4

For further tax planning u have consult some professional in this field

Yes !

I am agree with Mr. Pritam.

ITR 4 is for Business / Professional income ancluding salary income.

You can claim all the expenses of respective business against that income only. You cant claim the expenses of one business against the income of another business.

Yes, tax will be charged on sum total of all the income

1] Income from salary after claiming the standered deduction

2] Profit  from Business - 1

2] Profit of Business - 2  

 

Regards,

PCV

 

 

Agreed...with both

Dear Atul,

u can use ITR 4 for all the above specified income.

Whatever expenditure incured to get business income u can claim as expenditure within the scope of income tax act

 

ITR 4

in ITR 4 u can cover all the income mention above.

Can ITR IV Sugam be used for the above and incase the consultancy income (0703) was of management consultancy in nature then ITR IV or ITR IV Sugam

 


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