Filing itr-4s
This query is : Resolved
SUDHIR GARG
(Querist)
31 May 2012
can i go for ITR-4S(presumptive basis) with profit for rs. 185000 on turnover for rs. 700000(i.e. more than 8%). And whether should I maintain books of a/c's U/S 44AA. Please Guide Me..........
CA PARAS BAFNA
(Expert)
31 May 2012
Maintaining Books of Account is beneficial, however not required as you are showing more than the prescribed rate of presumptive profit.
.
You can show the said business income in ITR 4S.
.
.
You can show the said business income in ITR 4S.
.
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SUDHIR GARG
(Querist)
31 May 2012
thanx a lot...but sec. 44AA said that if profit is more than 120000 in three precedng year than books of a/c's have to be maintained. please guide me
CA PARAS BAFNA
(Expert)
31 May 2012
You are right, but Section 44AA does not ends here. It has few more provisions.
Section 44(2)(iv) prescribes that Books are mandatory when lower profit has been shown.
It implies that books are not required when
profit is shown at a higher rate.
.
Section 44(2)(iv) prescribes that Books are mandatory when lower profit has been shown.
It implies that books are not required when
profit is shown at a higher rate.
.
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