Itr 4 instead of itr 4s

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)
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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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