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SUDHIR GARG
( Author )
30 May 2012
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Can we show more than 8% profit from B&P in ITR-4S.
i have turnover for rs. 7,00,000 and my profit is 1,78,000 than whether should i file ITR-4 or ITR-4S.
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CA Harish Suwalka
( Expert )
30 May 2012
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if you wish to show income on presumption basis than you should file return in ITR-4S
you can show more than 8% net profit, and pay tax accordingly...
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CA SHAH DILEEPKUMAR
( Expert )
30 May 2012
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You can show profit more than 8 % and file ITR- 4S to get other immunity by mere filing limited details
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SUDHIR GARG
( Author )
30 May 2012
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thnx for your kind rply....... and will i have to maintain books of a/c's u/s 44AA.
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CA Harish Suwalka
( Expert )
30 May 2012
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if you file return in ITR-4S declaring return on presumptive basis than there is no need to maintain books of accounts.
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SUDHIR GARG
( Author )
31 May 2012
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Thanx mr. Harish but sec. 44AA said that if profit is more than 120000 in three precedng year than books of a/c's have to be maintained. please guide me
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CA Harish Suwalka
( Expert )
31 May 2012
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read clause no (iii) of that section
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SUDHIR GARG
( Author )
31 May 2012
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i am not getting this clause......can you please explain
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CA Harish Suwalka
( Expert )
31 May 2012
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the essence is that one need not to coply with sec 44AA if he compiles with the 44ad
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