ANYALSIS OF ALL SOURCES OF INCOME WITH SOME LIMITATIONS SPECIALLY COVERING BUSNIESSES WHO HAS NOT FILED ITR 1 AND ITR 2 :-
INDIVUAL/ HUF AND FIRM INCOME :-
ITR 4- simple return for Business. (Sahaj)
For Individuals, HUFs and Firms (other than LLP) being a Resident having Total Income upto Rs.50 lakhs and having income from Business and Profession which is computed under sections 44AD, 44ADA or 44AE
Note :-ITR 4 Can not be filed by the following person:-
This return cannot be filed for an Individual who is either Director in a company or has invested in Unlisted Equity Shares.
Maximum loss for the house property that can not set off is Rs. 200,000/- or More than one property Income.
No Loss for the capital gain will be allowed.
No loss of other sources allowed.
Person earning commission income or Brokerage
A person carrying on any agency business such as insurance agents, as whatever income they earn is via commission.
Business turnover exceeded 2 crore.
Income by business through LLP and other AOP/BOI.
44ADA Cannot be filed by the Professionals other than 44 AA.
ITR 3 –Biggest Return for Indivual and HUF
For individuals and HUFs having income from profits and gains of business or profession.