Itr 4s
This query is : Resolved
08 July 2016
Dear Experts, I am filling ITR 4S for Retailer (Grocery Shop). While filling Business Turnover u/s 44AD, there is Financial Particulars of the business (E7 to E10). Is it necessary to fill Financial Particulars of the business i,e. Debtors, Creditors, Stock & Cash Balance, as Retailer is not maintained Books of Accounts and he is declaring his Profit @ 8% of his total receipt u/s 44AD (Presumptive Income).
Thanks in Advance.
Thanks in Advance.
08 July 2016
Yes it is necessary to fill the Financial particulars of business. Only exempted from furnishing Balance sheet and P & L account.
09 July 2016
Thanks Seetharamanji, but how it is possible to give details of debtors, creditors, stock cash, when retailer (shopkeeper) is not maintaining account books?
09 July 2016
Sanjayji they don't maintain regular books of accounts but they maintain receivable and payable details in rough book. Estimate the stock and cash based on the present day holding and give.
09 July 2016
Thanks a lot Seetha Raman Ji.
09 July 2016
Seetharaman ji, in this case, will we take profit more than 8% u/s 44AD. if yes, than what is higher limit of % of Profit?
09 July 2016
Yes you can take more than 8% profit u/s 44AD. No limit you can declare to the extent you like to pay taxes.
09 July 2016
Thanks a lot once again Sir.
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