Itr 4s
This query is : Resolved
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.
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.
28 July 2011
1. you can do that.
2. profit shall not be lower than 8%
2. profit shall not be lower than 8%
28 July 2011
ITR 4S cannot be used for partnership firms. Use ITR 5 only.
29 July 2011
Instruction 2 of ITR-4S (Sugam) says this form is used by an individual / HUF. Therefore, partnership firms, even if covered under section 44AD, has to necessarily file return in ITR-5.
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