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

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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Government To Use Info Collected Under Various Pacts To Identify Suspected Tax Dodgers.

The government is set to use the information collected under various international tax agreements to identify suspected tax dodgers and urge them to come clean through the ongoing black money scheme that expires on September 30.

The income-tax department will soon write to such individuals that they have been identified on the basis of information received under the foreign account tax compliance Act (FATCA) from the US, various tax information exchange agreements.

These letters will not make people ineligible for making a declaration under the new black money window as these do not fall in the category of formal notices issues by the tax department. 

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