Itr 4s and itr 4
Querist : Anonymous
my estimated income is more than 8% of gross receipt, profit margin is around 35%.
but i have not maintain any books of accounts .
it is mandatory to me file ITR-4S ? can i file ITR 4 for contractor business
you can declare profits at 8% or higher rate at your option
Querist : Anonymous
Querist : Anonymous
It can be presumed that you are having extra luggage like -income from more than 1 property, Capital Gains income etc. then only we can prefer the later option of ITR 4.
Otherwise Air Route saves time and makes the journey a pleasant experience.
.
Show higher profits and pay taxes accordingly. There is no restriction to show higher profits for cases covered u/s 44AD.
.
TAX PLANNING HINT :
.
Better see the past history of your returned income on the basis of Turnover and then take a right decision how much profits to be declared.
.
Once you declare higher profits; it would be difficult to absorb by the Income Tax Authorities to accept lesser profits if you declare in future ( due to change in business scenario ).
.
You would be required to unnecessarily explain them that business circumstances are no more as before.
.
Click here to login now
Similar Resolved Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
