Is itr-4s applicable for those who has income from coaching?

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This query is : Resolved

Neha Agarwal (Querist)

29 August 2016 I am a little bit confused when I go through the definition of ITR-4S applicability here mentioned that Its is applicable on "Professionals – who are carrying on profession of legal, medical, engineering, architectural, accountancy, technical consultancy, interior decoration, an authorized representative, film artist, company secretary and information technology. Authorized representative means – any person, who represents someone, for a fee or remuneration, before any Tribunal or authority under law. Film Artist includes a producer, actor, cameraman, director, music director, art director, dance director, editor, singer, lyricist, story writer, screenplay writer, dialogue writer, dress designer – basically any person who is involved in his professional capacity in the production of a film". An assessee who runs a coaching institute & another assessee who has income from school, Can both of them file their return in ITR-4S or not becoz in above definition it is not mentioned....

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

29 August 2016 Both will not fall under professionals but under business and ITR 4S can be filed.

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

29 August 2016 https://www.caclubindia.com/experts/can-itr-1-be-filled-after-having-filled-itr4-for-last-year-1749299.asp

https://www.caclubindia.com/experts/itr-form-fo-ay-14-15-1731229.asp

Check out detailed replies given at above link.

MOHD AFROZ

MOHD AFROZ (Expert)

19 September 2016 ITR - 4S can be filed...

Neha Agarwal

Neha Agarwal (Querist)

02 February 2017 If ITR-4 is filled in case income more than 3 lac for fy 15-16 from school & coaching, I want to know Balance sheet & P&L details should be filled or not in ITR-4. because I don't fall u/s 44AB but maintain books of accounts. I am confused either to skip balance sheet & Profit & loss details or not.....Plz help

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

02 February 2017 You will fall u/s 44AA hence you need to maintain books of accounts and file BS and P&L. If you opt for 44AD then no need to maintain books of accounts and file BS and P&L.

Neha Agarwal

Neha Agarwal (Querist)

02 February 2017 one more thing I want to ask Income from Coaching & school can be shown in ITR4-S or not. If yes, then which code should be select for Nature of Business". but if not I will have to go with ITR-4

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CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)

02 February 2017 You can choose service sector others. For school up to 1 crore turnover exemption is available u/s 10(23c)(iiiad).

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