26 December 2012
Dear Sir, One of my client has given Bus on hire to APSRTC his Gross Receipts for AY 2012-13 Rs.30 lacs and TDS Rs.30,000/- can he file return in ITR-4S by taking income @8% and claim Refund.
Your client can file return in ITR 4S if he opts for presumptive taxation. but if his netproft is more than 8% then he has to file in normal ITR 4 , as the ITD comes with Presumptive Taxation with a mind that any trader or person having business can earn at least 8% of the gross receipt otherwise he has to audited his books of accounts according to me.
CAclubindia
