Which ITR Form To Pick When You Switch From Being Employee To Entrepreneur.

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If you’re a private, you recognize you have got to file either kind ITR one or ITR two. If apprehend have a business. You recognize it’s either ITR three, four or 4S that you just have to be compelled to make a choice from.

However what if you’re within the transition? You have got simply quit your job and commenced functioning on model for your start-up. Functioning on a model for your start-up. That tax come kind is that the right one for you?
Should you simply collect your kind sixteen from your ex-employer and declare your earnings financial gain move into ITR1 or does one have to be compelled to file ITR four, although the business might not are incorporated? Your business has no workers nevertheless simply friends attempting to develop and doubling their drawing area as a short lived workplace. The start-up capital additionally known as Bengaluru is stuffed with such cases and with the tax-filing point in time simply days away. Several of those entrepreneurs square measure grappling with such tax coupled dilemmas.

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Income Tax Payers Know About Your Advance Tax, Pay Before June 15th To Avoid Penalty.

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Person not liable to pay advance tax:

A taxpayer opting for the presumptive taxation scheme of section 44AD will not be liable to Pay advance tax in respect of business for which the presumptive taxation scheme of section 44AD is adopted. Chartered accountant in Delhi

  1. As per section 207, a resident senior citizen (i.e. an individual of the age of 60 years or above not having any income from business or profession is not liable to pay advance tax. In other words.
  2. He is an individual
  3. He is resident In India as per the Income-tax Act
  4. He is not having any income chargeable to tax under the head “Profits and gains of business or profession”

Ruchi Anand & Associates have skilled and experienced Chartered Accountants in New Delhi,Tax advisory firms in India, Auditing firms in India.

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