If a person having Gross Income from Business 210000 and having interest income form FD 15000 can he file ITR 4S?
and is there requirement to make books of accounts in that case?
ishan parikh
(Audit Manager)
(131 Points)
Replied 26 October 2014
GULRAJ AILANI
(CA)
(234 Points)
Replied 26 October 2014
Originally posted by : yogesh sharma | ||
ITR-4S can be used by Individual & HUF whose Total Income for Assessment year 2014-15 includes- 1. Business income where such income is computed in accordance with special Provisions i.e Section 44AD & 44AE or 2.Income from salary/ Pension 3. Income from One House property (excluding cases where loss is brought forward from previous year , because there is no coloumn in the return to take the benefit of previous year House property loss. 4. Incoem from other sources (Excluding winning From Lottries & Race Horses ). Further Income from Other person like spouse, minor child etc is to be clubbed with the Income of the Assesee , this return form can be used only if the income being clubbed falls into the above income categories If the above Buiness income is computed on Presumtive basis then ITR 4S can be filed |
@VaibhavJ
(Believe!! Live your dreams!)
(33506 Points)
Replied 26 October 2014
Originally posted by : ishan parikh | ||
No. You can't use 4s for Normal business income and interest. You shall use itr 4. But if your are valuing your business income on presumptive basis then, yes you shall go with 4s. |
CA Abhishek Goyal
(Chartered Accountant)
(504 Points)
Replied 26 October 2014
yogesh sharma
(CA Student)
(268 Points)
Replied 26 October 2014
Mithra
(none)
(42 Points)
Replied 26 October 2014