Itr 4s

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2013 Dear Sir,
There is an assessee whose actual net profit rate is 3% and his closing stock comes to Rs. 371000/-.
If he opts Section 44AD @8%, then his closing stock comes to 528000/-.

Now please advise me in itr 4S he should mention closing stock coming out of actual net profit
or
He should mention closing stock out of net profit declared u/s 44AD.

Waiting for your reply.

Thanks and regards.

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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09 August 2013 u need to mention actual stock figure but pay tax @8% as per sec 44AD.

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2013 to submit at bank, I need to prepare trading a/c, if I preare it according to actual profit it creates contra with return profit.
And If I prepare according to profit u/s 44ad, then closing stock increases.

Now please advise me, what should I do.

Ganeshbabu K

Ganeshbabu K (Expert)
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09 August 2013 Bank will not accept ITR-4S ...
.
.
So please file ITR4

If you want to confirm please confirm with bank and then only file ITR4S

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2013 Bank dont has any objection in filing itr4S. But they are asking to furnish trading a/c. Thus in above case what should I do regarding closing stock.

Ganeshbabu K

Ganeshbabu K (Expert)
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09 August 2013 If i am in your situation as there is no proper books of accounts also..

i will try to disclose closing stock as per actual/which is reliable and will reduce the expences to that extent

Querist : Anonymous

Querist : Anonymous (Querist)

09 August 2013 I also want to disclose actual closing, and if I show the the closing stock on actual basis and profit @8%, then credit side of trading a/c comes shorten than debit side?

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