Filling ITR4...Need Help!

Taxation
1

Hi,
Can anyone help me with ITR filling …

image.png1169×1279 164 KB

I have two options for ITR forms, ITR 1 and ITR 4. I’ve selected ITR 4. Following are my doubts :

  1. In Income Details - Do I have to mention income from speculative/non speculative business?? Or Should I simply add Salary, Savings Bank Interest and STCG?
  2. In NOB BP, what to select as nature of business?? ( I do intraday equity and F&O trading)
    3.My turnover is around 4 lakhs and my losses are about 50k. But I will claim 24k as profit under 6% presumptive income. So in E1a and E2a , I will fill 4 lakhs and 24k respectively.
  3. What will be filled in E3 to E8 , will they be kept 0??
  4. What will entered in E9 to E12 and how to find it??
  5. Also , where and how do I specify speculative (intraday equity) and non speculative(F&O) ??

Any help would be appreciated.

2

Any takers of this question… @nithin sir, @karthik sir??

3

Advised to consult a CA

Especially of this is ur first time filing ITR4

This will form the basis for ur accounting with respect to taxation, and better to get it 100% right.

Further, check if u need a audit or not. If yes, then CA is compulsory.
Cleartax maybe advisable or any CA u know.

4

[quote=“DB1494, post:1, topic:17252”]
I have two options for ITR forms, ITR 1 and ITR 4. I’ve selected ITR 4. Following are my doubts :

You can use ITR 3 with regular and correct filing and you can choose ITR 4 Presumption by declaring 6% of turnover as Income without Audit.

In Income Details - Do I have to mention income from speculative/non speculative business?? Or Should I simply add Salary, Savings Bank Interest and STCG?

In the ITR 4 there is no option for Capital Gain Income. And regarding speculative and non speculative in presumptive return you club all together as there is no bifurcation available in the form. You declare income on the basis of Gross Turnover.

In NOB BP, what to select as nature of business?? ( I do intraday equity and F&O trading)
You can choose Trading other 0204 Code

3.My turnover is around 4 lakhs and my losses are about 50k. But I will claim 24k as profit under 6% presumptive income. So in E1a and E2a , I will fill 4 lakhs and 24k respectively.
You can take this call after consulting your accountant.

What will be filled in E3 to E8 , will they be kept 0?? If you have professional Income , then you can fill else NILL
What will entered in E9 to E12 and how to find it??:- You can file Nil for Cash Balance you can sum Bank balance + cash Balance
Also , where and how do I specify speculative (intraday equity) and non speculative(F&O) ??
There is no provision in ITR4 , in ITR 3 you can

1 Like