Business Income Tax Courses

Self Employed Business Tax Course, Business Level I Tax course

ITR 3, ITR 4 & ITR 4S, Busines Taxes and return filing

1. Income from Salary/ Pension: This is income that an employee receives from his employer. Pension is also treated as salary for Income tax
2. Income from Home/Real Estate: This is the income from any property – residential or commercial by renting/leasing it out
3. Income from Capital Gains: The profits on selling of an asset like equity, mutual funds, gold, NCDs, Bonds or real estate. The capital gains are further classified as Short Term or Long Term depending on the time frame of transactions and asset under consideration.
4. Income from Business/ Profession: This is income for professional such as lawyers, doctors etc which they generate through freelancing or private practice. Income from running a business is profits that the business generates after deduction of expenses such as rent, salary to staff, etc.
5. Income from Other Sources: All other income other than the above falls under this category. This might cover interest received on fixed deposits, gifts, winning of prize or lottery

ITR 1 (Sahaj)

You should choose this form when:
1. You have income from Salary/Pension
2. Income from only One house property (except where losses are brought forward from previous years)
3. Income from other sources (except winning lottery and income from race horses)

You should not choose this form when:

1. Have income from more than 1 property
2. Income from winning lottery or from race horses
3. Capital gains by sale of assets
4. Exempted Income of more than Rs 5,000
5. Carry forward losses from previous years
6. Any income from assets located in foreign countries

ITR 2

An individual or HUF (Hindu Undivided Family) can use ITR2 when:
1. Have income from salary/Pension
2. Income from one or multiple house properties
3. Capital Gains
4. Income from other sources (including winning lottery and income from race horses)

ITR 3

An individual or HUF can use ITR3 when:
1. The income is through partnership in a firm
2. Income from one or multiple house properties
3. Capital Gains
4. Income from other sources (including winning lottery and income from race horses)

Should not use ITR3 when:

1. The income is through Income from Business or Profession under sole proprietorship
f your income is from business and also have income from salary/pension, you need to choose from ITR 4S or ITR4.

ITR 4S (Sugam)
An individual or HUF can use ITR 4S when:
1. Income from Small Business where the annual turnover is less than Rs 1 crore.
2. Income for professionals like Doctors, Lawyers, CA, etc
3. You have income from Salary/Pension
4. Income from only One house property (except where losses are brought forward from previous years)
5. Income from other sources (except winning lottery and income from race horses)

You should not choose this form when:
1. Have income from more than 1 property
2. Income from winning lottery or from race horses
3. Capital gains by sale of assets
4. Carry forward losses from previous years
5. Any income from assets located in foreign countries

ITR 4
An individual or HUF who has income from business or profession and do not qualify to fill ITR4S can fill up ITR 4
Business Tax Courses, Self Employed Business Tax Course
Business Level I Tax course
Business Types Business Accounting Methods Financial Statements Business Income ITR 4 & ITR 4S Schedule s Inventory Depreciation Deduction Sale of Business Property Self Employed Business Gst Taxes and return filing Self Employed Business Excise Taxes and return filing Self Employed Business issues Business credits Tax issues Amended or Corrected Business Returns

Business Income Tax Courses, Self Employed Business Tax Course, Business Level I Tax course, Business Income ITR 3, ITR 4 & ITR 4S Self Employed Business tax, Taxes and return filing, Self Employed Business return filing