Itr 4s and itr 4

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2011 I have contract business.which form I use for return file.
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

Ravikant

Ravikant (Expert)

30 July 2011 itr 4s can be used to file,
you can declare profits at 8% or higher rate at your option

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)

30 July 2011 Agreed. but ensure that your receipts are below 60 lakhs.

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2011 it is mandatory to me file ITR-4S ? can i file ITR 4 for contract business us 44AD

Querist : Anonymous

Querist : Anonymous (Querist)

30 July 2011 it is mandatory to me file ITR-4S ? can i file ITR 4 for contract business us 44AD

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

30 July 2011 Being an previleged assessee, you have been told to travel by Air Route (ITR 4S), but still you are opting for a Tata Sumo drive (ITR4).

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.

CA SURENDRA KUMAR RAKHECHA

CA SURENDRA KUMAR RAKHECHA (Expert)

30 July 2011 Why you wish to go into TYPICAL MODE OF FILING RETURN ITR 4 when ITR 4S is applicable to you if your turnover is less than Rs. 60 lacs.

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Show higher profits and pay taxes accordingly. There is no restriction to show higher profits for cases covered u/s 44AD.

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TAX PLANNING HINT :

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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.

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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 ).

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You would be required to unnecessarily explain them that business circumstances are no more as before.

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