Itr 4s and itr 4

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)
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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)
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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)
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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)
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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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