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itr 4 or itr4s

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Querist : Anonymous

Querist : Anonymous (Querist)

13 July 2011 sir,

i am retail trader of jewellery business.Previuse year i filled itr4 can i continue with itr 4 because i maintain account books and my net income excess than 8%. i see itr4s(sugam), how to fill my trading,profit & loss and balance sheet in itr4s. can i continue with itr4 ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 July 2011 Do you show 250gms Gold set to a customer, to whom you know that he is in service and he has just came to your shop for purchasing 5 silver coins for Dhan Teras Pooja following the instruction of his Seth only?

I know you will not show him in the crowded showroom.

Same thing is here while filing the IT Return. What is the purpose behind showing all the details of your Balance sheet where only 4 +4 details are required. Income Tax Department has yet not announced the award of best presented financial accounts by an " eligible assessee" carrying on eligible business.
They do not want to waste their time in small returns now. They eye upon Padmnabh Swami, or Puri Temple now.

So file your return in ITR 4S only as consumers are wealthier then you.

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