Can itr '4s' be filed with different percentages?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 July 2015
Dear all,
can itr '4S' be filed with different percentages?
Ex:
A.Y 12-13 12% on Gross Receipts
A.Y 13-14 15% on Gross Receipts
A.Y 14-15 8% on Gross Receipts
A.Y 15-16 11% on Gross Receipts
somebody told me that if itr 4S filed with different percentages it will be selected to scrutiny or call for books of accounts by local ITO
please clarify
can itr '4S' be filed with different percentages?
Ex:
A.Y 12-13 12% on Gross Receipts
A.Y 13-14 15% on Gross Receipts
A.Y 14-15 8% on Gross Receipts
A.Y 15-16 11% on Gross Receipts
somebody told me that if itr 4S filed with different percentages it will be selected to scrutiny or call for books of accounts by local ITO
please clarify
Nikhil Kaushik
(Expert)
21 July 2015
as long as it is above 8%, no problem at all...
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CA R SEETHARAMAN
(Expert)
21 July 2015
You are at liberty to declare any profit above 8%. Higher declaration of profit is higher tax compliance which will be encouraged by the Dept.Some body has misguided you. If your turnover is less than 1 crore and declared correct turnover, you will not face any problem from IT Dept.
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