I employed in 1 software company as consulatant. my annual income received Rs. 2,94,396. and on this amount my tds deducted by company Rs. 29,440 for the f.y. 2011-12.
i haven't maintained my books of account. but i incurred expenses Rs. 1,11,265 to give above said consultancy. and my net income is Rs. 1,83,713. and after investment my Ne Taxable income Rs. 1,78,500.
My ques : 1). Whether i have to file ITR - 4S or 4?
2). if i file itr - 4 and in this form i mentioned my all detail as not maintained books of account. only give total receipt, expenses and debtor and cash and bank balance. and asking my refund Rs. 29,440. Whether i am right or wrong? if wrong then advise me in detail.
3). if i file itr - 4s - but my net income is grater than 8% of total receipt on which i mentinoed above my net profit. whether i understand in right direction or wrong.
4). pls. advise which itr i have to file? so, that my refund will received easily without any wrong filing itr.
05 May 2012
Being a professional, you have to maintain Books of Account and filing of ITR 4 is advisable for you. . You have to fill up Balance Sheet & Statement of Profit & Loss in the ITR 4. You may include Depreciation also in the expenditure, in case the same has not been considered. .
06 May 2012
Since you have not maintained books and your disclosed income will be more than 8% you can go for filing in 4S and certainly you will get your refund quickly as any other assessee. My advice would be ITR 4S
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