Itr 4 instead of itr 4s

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 December 2011 Dear Experts,
I have file online return on 16/12/2011 UNDER NO ACCOUNT CASE OF ITR 4 SHOWING TURNOVER 20laCS & PROFIT @ 8% OF IT INORDER TO AVAIL NEWLY SEC 44AD.BUT NOW I COME TO KNOW THAT INORDER TO FILE RETURN U/S 44AD I HAVE TO FILE ITR 4S.FILING ITR 4 UNDER NO ACCOUNT ON 20LACS TURNOVER MAY ATTRACT PENULTY UNDER SEC 271A.

PLZ TELL ME WHAT I DO .CAN I WRITE A APPLICATION TO ITO FOR CONSIDERING ITR 4 as ITR 4S. i KNOW THAT I CANNOT FILE REVISED RETURN OF IT.
FORTHERMORE , I HAVE NOT SEND ITS SIGNED HARD COPY OF AKNOWLEDGEMNT TO CPC .

WHAT ITS EFFECT IF I DO NOT SEND IT HARD COPY TO CPC.WHEATHER IT ATTRACT ANY PENULTY.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

20 December 2011 Filing in ITR 4S is recommended where ever the case lies within the prescribed criteria. ITR 4 also provides an option to show income under presumptive scheme.
In my view, you have just forgot to mention that your income is of the type of Section 44AD.
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You need not to worry. Section 44AD takes care of it. It automatically takes guard of such cases. Had you shown 6% of turnover as income what will be your situation?. It will be worse than the present. Because, then section 44AD will again wake you up from sleep.
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What I want to say is-" It is more important to show income @ 8% then mentioning the fact that this income is being shown U/s 44AD only. It will not make any difference. The Section automatically covers eligible assessee and its eligible business.
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You may please send the signed ITR-V, to CPC Bangalore.

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