Filing of returns u/s.44ad - itr4s

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Querist : Anonymous

Querist : Anonymous (Querist)

17 October 2014
1)an assesses want to file income tax return u/s 44AD (ITR4S, turnover is below 60lakhs & declaring profit of 10%.)

2) in the same financial year he received LIC Maturity + PPF withdrawal exempted u/s.10 around 2,44,000/-

my question is
can he able to file return in form ITR4S or he has to file ITR4 ???

can he claim the exemption u/s 10. ?

can he add the said amount to taxable income for filing ITR4-S.

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 October 2014 you will have to file ITR-4 to claim exempted income in excess of Rs 5000/-

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Querist : Anonymous

Querist : Anonymous (Querist)

17 October 2014 can i file ITR4-S, if i am not claiming exemption u/s.10 & adding the said amount to taxable income. ?

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 October 2014 what do you achieve out of doing so?

Querist : Anonymous

Querist : Anonymous (Querist)

17 October 2014 sir, books of accounts not maintained for labour job work business.

Nikhil Kaushik

Nikhil Kaushik (Expert)

17 October 2014 dear friend, filing ITR-4 doesn't mean you need to prepare books of accounts. If you are covered under 44AD but are required by law to file ITR-4, then you file the return as non-accounts case.

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