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Itr4 and itr4s

CA CMA Sagar Jaiswal (Finance professional) (665 Points)

19 April 2017

Can any assesse shift from ITR 4 to ITR 4s??

1.who can?

2.for what reasons?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 19 April 2017

"Can any assesse shift from ITR 4 to ITR 4s?? "

WHEN?

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(Guest)

no need always go with maintaining accounts

good for u

CA CMA Sagar Jaiswal (Finance professional) (665 Points)
Replied 19 April 2017

Sorry sir, Yes I want to know when assesse can shift from ITR 4 to ITR 4s

(Guest)

ITR 4s or Sugam is Income Tax Return form that is to be filed by individuals, Hindu Undivided Family and small business taxpayers who have presumptive business income, salary or pension, one house property and income from other source

ITR 4S PREFER WHEN TIME IS VERY LESS FOR RETURN FILE

AND ASSESSEE DONT HAVE PROPER RECORDS

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 19 April 2017

For same Assessment year or different one?

CA CMA Sagar Jaiswal (Finance professional) (665 Points)
Replied 19 April 2017

Suppose an Assesse is running small shop of cyber cafe. He filled ITR 4 on ay 2014-15 and ay 2015-16 with gti more than 2 lkh with nil tax. What he have to do for ay 2016-17

CA CMA Sagar Jaiswal (Finance professional) (665 Points)
Replied 19 April 2017

As I know, if he will not follow sec. 44aa, his return will be defective .and notice will come u/s 139(9)

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 19 April 2017

Your main query is whether he must continue with same type of ITR/ declaration in following years also?

No, each year's ITR selection should be as per the requirement of that particular assessment year, and need not continue as per previous year/s.

Secondly, you have doubt about compulsory maintaining books as per section 44AA, because of turnover limit.

Here, if he declares minimum profit of 8% ( TO is less than 2 Crs.), as assessed under section 44AD (eligible business for the section); he is not required to maintain books as per section 44AA. (specified in the section 44AD)

Otherwise, he has to.

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160332 Points)
Replied 19 April 2017

Provisions relating to maintenance of books of account

The scheme gives a great relief to the assessee in respect of maintenance of books of account. An assessee, who adopts the provisions of section 44AD, is not required to maintain books of account as per section 44AA (applicable only for business covered by this section).

Further, in respect of such business, the provisions of section 44AB (relating to audit) are also not applicable.

Thus, the scheme relieves the assessee from the maintenance of regular books of account. Apart from giving relief from maintenance of books of account, the scheme also relieves the assessee from audit of books of account.

Extract from: https://www.incometaxindia.gov.in/Tutorials/Section-44AD-Theory.pdf

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(Guest)

From AY 2017-18, If a business opts for 44AD Presumptive Taxation Scheme (PTS) in any assessment year, then it has to continue with the scheme for next 5 assessment years. If it opts out of PTS earlier, then PTS will not be available for it for the next 5 assessment years.

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