ITR Form for Service Providers
ITR Form for Service Providers, A Computer Sales & Services business should use ITR-4S to file their income tax return. ITR-4S is a simplified income tax return form that is designed for small businesses with a turnover of up to Rs. 3 crore. This form is easy to fill and does not require the maintenance of detailed books of accounts.
To file ITR-4S, the business owner must provide the following information:
- Their name, address, and PAN number
- The nature of their business
- Their turnover for the previous year
- Their income from the business
- Their expenses incurred in the business
- Any other income they have earned during the previous year
- Once the ITR-4S form is filled, the business owner can file it online or by post.
Here are some of the benefits of using ITR-4S:
- It is a simple and easy-to-fill form.
- It does not require the maintenance of detailed books of accounts.
- It can be filed online or by post.
- It is a less time-consuming and cost-effective way to file an income tax return.
However, there are some limitations to using ITR-4S:
- The business turnover must be up to Rs. 3 crore.
- The business owner cannot claim any deductions or exemptions under this form.
- The business owner must have a PAN number.
If a Computer Sales & Services business has a turnover of more than Rs. 3 crore, then they must use ITR-3 to file their income tax return. ITR-3 is a more comprehensive form that requires the maintenance of detailed books of accounts.
For further details access our website: https://vibrantfinserv.com
To visit: https://www.mca.gov.in/
