Itr-4 and itr-4s

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Sanjay Sharma (Querist)

11 August 2011 If an Assessee have Salary Income Plus Income from Business of Shares Plus Presumptive Income, Than Which Form he have to use for filing his ITR for AY: 2011-12?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

11 August 2011 He can use ITR 4 if he treats income from shares as Capital Gains.

Sanjay Sharma

Sanjay Sharma (Querist)

11 August 2011 Sir, He treats share income as Business Income. Which Form?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

11 August 2011
Turnover of share trading Business+Turnover of Presumptive Business should be less than 60.00 lacs.
.
Profit to be shown 8% or more of total turnover
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A . In case of Share Trading if Income exceeds 8% or more , after deducting reasonable and genuine expenses show this income at a realistic amount.
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B. In case of presumptive Income min. profit 8% or more of the turnover of this business.
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A+B= Profit U/s 44AD
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Turnover of share trading Business +Turnover of Presumptive Business = Total Turnover
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Crs ,Drs, Stock and Cash to be added and shown for both the businesses.
.
In this way ITR 4S can be filed.

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