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Itr 4s

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(Querist)
28 July 2011 Sir,
1.Can ITR 4S be used in cases where net profit in a business exceeds 8%.

2.In case of firms, it is well known Interest and Remuneration to partners are deductible from 8% of Net profit. In such case how to reflect the same in ITR 4S.
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CA Ashwani Agarwal

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CA Ashwani Agarwal (Expert)
28 July 2011 ITR 4S is only for individuals and HUF.

For firms you have to use ITR 5 only.
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