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  • Category: Tax Planning

    How to calculate estimated taxes for sole proprietorship firm?


    Have a query about taxes pertaining to sole proprietorship firm? Looking out for answers online? Read responses from experts on this page and get clarity about your doubts.

    I know that we have to file either ITR4 or ITR4S form for filing tax on sole proprietorship firm. Filing through ITR4S is easy as taxable income is calculated as 8 percent of revenues but filing ITR4 seems to be very complicated. We have to file ITR4 form if our business' profit margin is less than 8 percent of the revenues.
    Is it possible to file income tax return for sole proprietorship firm in India without the help of a Charted Accountant?
    How to do online filing of income tax return for sole proprietorship through ITR4?
  • #143510
    ITR 4 is to be filed and in case if you have speculative income. And in such case where you have returns and expenses that you need to filed in detail. In case if you have exact amount of the expenses and the profit which in case of OPC and sole proprietorship, you can file the ITR4S. You can file the ITR4/4S without CA help. As there are some of the accounting software such as "quickbookx" that allows you to do just that from their cloud application. I have used that to file the ITR4 for my LLP and it works no issues in filing. However I suggest you to understand the process of filing and then you can apply without any issues for filing on your own. You can take a look at ITR4 on taxsmile anc cleartax. Though they don't have process setup for ITR4 for self file, but you can get idea on filing the form and processing it.


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