Which itr form to fill

ITR Filing 1481 views 6 replies

Atul

ABC

24 Points Posted on 24 May 2012

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)

PRITAM JAIN, CA , CS

Practising CA CS

398 Points Posted on 24 May 2012

ITR-4

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

PANJ and Associates

Corporate Consultants

30 Points Posted on 24 May 2012

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