I.t.r.
This query is : Resolved
09 June 2012
FOR F.Y. 2010-11 I.T.R 4 IS FILED MANNUALLY TO INCOME TAX DEPARTMENT. MY QUESTION IS CAN BE E-FILED I.T.R 4S FOR THE F.Y. 2011-12 ?
PLEASE REVERT
PLEASE REVERT
10 June 2012
In case of Income from Profession, or income in the nature of Commission, ITR 4S can not be filed. If you are having Business Income other than the above, you can file your return in ITR 4S.
.
.
11 June 2012
Dear sir,
Better I am submitting all details related to my query to clear my doubts
The said individual is electrical contractor who has filed return in I.T.R 4 manually to I.T. Dept. for the Financial year 2010-11 for only for his business income and claimed refund on TDS of Rs. 1653.00. (Refund not yet recd.) He showed gross receipt of business by cheque Rs. 7. 87 lac where total income shows 72850.00 after claiming depreciation on fixed assets and other business expenses though he does not maintain any books of accounts
His turnover is less than 60 lac so to ignore audit, Can he E-file I.T.R. 4S electronically for the F.Y. 2011-12.
If yes,
can he claim deduction u/s 80C for his investment on LIC & also claim depreciation ?
please answer
Better I am submitting all details related to my query to clear my doubts
The said individual is electrical contractor who has filed return in I.T.R 4 manually to I.T. Dept. for the Financial year 2010-11 for only for his business income and claimed refund on TDS of Rs. 1653.00. (Refund not yet recd.) He showed gross receipt of business by cheque Rs. 7. 87 lac where total income shows 72850.00 after claiming depreciation on fixed assets and other business expenses though he does not maintain any books of accounts
His turnover is less than 60 lac so to ignore audit, Can he E-file I.T.R. 4S electronically for the F.Y. 2011-12.
If yes,
can he claim deduction u/s 80C for his investment on LIC & also claim depreciation ?
please answer
12 June 2012
I request to other experts to please answer by yes / no to clear me
12 June 2012
I request to other experts to please answer by yes / no to clear me
12 June 2012
I request to other experts to please answer by yes / no to clear me
12 June 2012
I request to other experts to please answer by yes / no to clear me
12 June 2012
I request to other experts to please answer by yes / no to clear me
12 June 2012
I request to other experts to please answer by yes / no to clear me
28 July 2024
Yes, you can e-file your Income Tax Return (ITR) for the Financial Year (FY) 2011-12 using ITR-4S (also known as the Sugam form) if certain conditions are met. Here’s how to approach your situation:
### **1. Eligibility for ITR-4S (Sugam)**
ITR-4S (Sugam) is a simplified income tax return form designed for small taxpayers, particularly those with income from business or profession under the presumptive taxation scheme (Section 44AD/44AE). To use ITR-4S, the following conditions must generally be met:
- **Income from Business**: Your gross receipts should be less than ₹60 lakhs for the FY 2011-12. Based on your provided details, if your turnover is indeed less than ₹60 lakhs, you qualify for ITR-4S.
- **Presumptive Taxation Scheme**: If you are opting for presumptive taxation under Section 44AD, you don’t need to maintain detailed books of accounts. For the financial year 2011-12, if you are eligible under Section 44AD, you can file ITR-4S.
### **2. Filing ITR-4S**
**E-filing**: Yes, you can e-file ITR-4S for FY 2011-12. The Income Tax Department provides facilities for e-filing various ITR forms through its [e-filing portal](https://www.incometax.gov.in/iec/foportal/). Ensure that you select the correct form and assessment year while e-filing.
### **3. Claims and Deductions**
**1. **Section 80C Deduction**: Yes, you can claim deductions under Section 80C for investments in LIC premiums, Provident Fund, and other eligible investments. This deduction is available regardless of whether you file manually or electronically, as long as you are eligible and have the necessary documentation.
**2. **Depreciation**: When filing ITR-4S, depreciation on fixed assets is generally not claimed separately because the form is designed for presumptive taxation under Section 44AD. However, if you are not opting for the presumptive taxation scheme and filing ITR-4 (not Sugam), you can claim depreciation as per the Income Tax Act.
### **Summary of Actions**
1. **E-filing**: You can e-file ITR-4S for FY 2011-12 if you are under the presumptive taxation scheme and your turnover is below ₹60 lakhs.
2. **Claiming Deductions**:
- **Section 80C**: You can claim deductions under Section 80C for eligible investments such as LIC premiums.
- **Depreciation**: For ITR-4S under presumptive taxation, depreciation is not separately claimed. If not under presumptive taxation and using ITR-4, you can claim depreciation.
### **Additional Notes**
- **Pending Refund**: Follow up with the Income Tax Department regarding the pending refund for the FY 2010-11. Ensure that all your records are updated and accurate to facilitate smooth processing.
- **Consult a Tax Advisor**: For specific guidance and to ensure compliance with all relevant tax laws, it’s always best to consult with a tax advisor or a chartered accountant.
By following these steps and considerations, you should be able to file your ITR-4S correctly and claim the applicable deductions for the FY 2011-12.
### **1. Eligibility for ITR-4S (Sugam)**
ITR-4S (Sugam) is a simplified income tax return form designed for small taxpayers, particularly those with income from business or profession under the presumptive taxation scheme (Section 44AD/44AE). To use ITR-4S, the following conditions must generally be met:
- **Income from Business**: Your gross receipts should be less than ₹60 lakhs for the FY 2011-12. Based on your provided details, if your turnover is indeed less than ₹60 lakhs, you qualify for ITR-4S.
- **Presumptive Taxation Scheme**: If you are opting for presumptive taxation under Section 44AD, you don’t need to maintain detailed books of accounts. For the financial year 2011-12, if you are eligible under Section 44AD, you can file ITR-4S.
### **2. Filing ITR-4S**
**E-filing**: Yes, you can e-file ITR-4S for FY 2011-12. The Income Tax Department provides facilities for e-filing various ITR forms through its [e-filing portal](https://www.incometax.gov.in/iec/foportal/). Ensure that you select the correct form and assessment year while e-filing.
### **3. Claims and Deductions**
**1. **Section 80C Deduction**: Yes, you can claim deductions under Section 80C for investments in LIC premiums, Provident Fund, and other eligible investments. This deduction is available regardless of whether you file manually or electronically, as long as you are eligible and have the necessary documentation.
**2. **Depreciation**: When filing ITR-4S, depreciation on fixed assets is generally not claimed separately because the form is designed for presumptive taxation under Section 44AD. However, if you are not opting for the presumptive taxation scheme and filing ITR-4 (not Sugam), you can claim depreciation as per the Income Tax Act.
### **Summary of Actions**
1. **E-filing**: You can e-file ITR-4S for FY 2011-12 if you are under the presumptive taxation scheme and your turnover is below ₹60 lakhs.
2. **Claiming Deductions**:
- **Section 80C**: You can claim deductions under Section 80C for eligible investments such as LIC premiums.
- **Depreciation**: For ITR-4S under presumptive taxation, depreciation is not separately claimed. If not under presumptive taxation and using ITR-4, you can claim depreciation.
### **Additional Notes**
- **Pending Refund**: Follow up with the Income Tax Department regarding the pending refund for the FY 2010-11. Ensure that all your records are updated and accurate to facilitate smooth processing.
- **Consult a Tax Advisor**: For specific guidance and to ensure compliance with all relevant tax laws, it’s always best to consult with a tax advisor or a chartered accountant.
By following these steps and considerations, you should be able to file your ITR-4S correctly and claim the applicable deductions for the FY 2011-12.
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