Small entrepreneur and biz proprietor – A top notch method to file your IT return

Running a biz and preserving account books of accounts is a tiresome job for small as well as new capitalists. To lessen the burden of such entrepreneurs from the preservation of regular account books and to concentrate on their biz, the Income Tax Act offers some relaxations for the preservation of accounting books.

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Some of the other traits of presumptive taxation system comprise -

Here you have a chance to file your income tax return in an easy form, which is ITR-4 Sugam in place of ITR-3.

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ITR-4 Sugam can be registered by resident individuals, Hindu undivided families, and partnership firms (excluding LLP’s) boasting of proceeds from any of the aforementioned specified biz or line of work and opt for presumptive income scheme as discussed above.

Further, aside from presumptive proceeds, the other profits to be mentioned in ITR-4, if any, may be from pay or income from one house property (aside from cases where a loss is brought forward from preceding years) or proceeds from other sources (excluding winning from lottery and income from horse races).

Additionally, in a case where the revenue of another human being like another half, minor kid, etc. is to be clubbed with the proceeds of the assessee, ITR-4 Sugam can be utilized only if the revenue being clubbed falls into the above income sections.

by Vijay Singh | Fri, Aug 03 - 01:39 PM

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