Hi everybody,
What form to use for advocates having income less than Rs. 60 lac.? Is it ITR4 or 4S?
Thanks.
Kaustav Das (Student) (48 Points)
11 January 2014Hi everybody,
What form to use for advocates having income less than Rs. 60 lac.? Is it ITR4 or 4S?
Thanks.
Deepak Gupta
(CA Student)
(15922 Points)
Replied 11 January 2014
| Originally posted by : Banamala Basak | ||
 |
Hi everybody, What form to use for advocates having income less than Rs. 60 lac.? Is it ITR4 or 4S? Thanks. |
 |
Form No. ITR-4 shall be filed.
.
Since the gross receipts from profession is exceeding Rs.25 lakhs (w.e.f A.Y. 2013-14), tax audit shall be applicable and books of account need to be maintained. Advocates are covered under list of specified professionals u/s 44AA.
Kaustav Das
(Student)
(48 Points)
Replied 11 January 2014
Thanks! But what if the income is less than Rs. 25 lac?
| Originally posted by : |)eep @ k Gupt/\ | ||
|
Originally posted by : Banamala Basak Hi everybody, What form to use for advocates having income less than Rs. 60 lac.? Is it ITR4 or 4S? Thanks. Form No. ITR-4 shall be filed. . Since the gross receipts from profession is exceeding Rs.25 lakhs (w.e.f A.Y. 2013-14), tax audit shall be applicable and books of account need to be maintained. Advocates are covered under list of specified professionals u/s 44AA. |
|
Deepak Gupta
(CA Student)
(15922 Points)
Replied 11 January 2014
| Originally posted by : Banamala Basak | ||
|
Thanks! But what if the income is less than Rs. 25 lac? | |
ITR-4S is a presumptive income tax return form used for businesses covered u/s 44AD/44AE.
.
Presumptive income scheme is not applicable to specified professionals as covered u/s 44AA(1). Hence, only ITR-4 is applicable for them, whatever may be the income.
Sec. 44AD(6)
The provisions of this section, notwithstanding anything contained in the foregoing provisions, shall not apply to—
(i) a person carrying on profession as referred to in sub-section (1) of section 44AA;
(ii) a person earning income in the nature of commission or brokerage; or
(iii) a person carrying on any agency business.]
CAclubindia
