Confusion ITR4 and ITR4 Sugam
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
22 July 2011
I am an independent consultant and filed the ITR4 last year. But with the introduction of the Sugam this year, I am confused as to which form I should be submitting.
What is a presumptive business income?
Are Independent Professionals required to file the old style ITR4 or the new Sugam?
What is a presumptive business income?
Are Independent Professionals required to file the old style ITR4 or the new Sugam?
22 July 2011
Professionals include CA, Doctors and a few other notified people u/s 44AA.
So if you are a professional covered in those categories then you have to file ITR 4 only.
But if you dont come in that catagory then you can file ITR 4S provided that you have shown at least 8% net profit of your gross receipts. This amount of 8% is known as presumptive income.
So if you are a professional covered in those categories then you have to file ITR 4 only.
But if you dont come in that catagory then you can file ITR 4S provided that you have shown at least 8% net profit of your gross receipts. This amount of 8% is known as presumptive income.
22 July 2011
Under section 44AA the meaning of professional is, "Every person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or any other profession as is notified by the Board in the Official Gazette." Further under section 194J, the term professional is under, "(a) "professional services" means services rendered by a person in the course of carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration or advertising or such other profession as is notified by the Board for the purposes of section 44AA or of this section;"
22 July 2011
ITR-4 is for the following asessee's:-
1)Professionals viz.,
legal,medical,engineering,architects,accoutancy ,technical consultancy,interior decoration ,
authorised representatives, filim artiste, company secretary and information technologist
2) Assessee's doing business and whose turn over exceeds Rs. 60 lakhs per annum.
ITR-4S
For assessees who are not covered in (2) above.
1)Professionals viz.,
legal,medical,engineering,architects,accoutancy ,technical consultancy,interior decoration ,
authorised representatives, filim artiste, company secretary and information technologist
2) Assessee's doing business and whose turn over exceeds Rs. 60 lakhs per annum.
ITR-4S
For assessees who are not covered in (2) above.
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