Itr 4s ay 2011-12

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Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2011 In ITR 4S form presumptive income where are the details for Section 44AF to be filled?
there is no option provided for section 44AF?

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)

18 August 2011 44AF has been withdrawn from AY 2011-12. The same has been merged in 44AD.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2011 so now even retailers are have income @8% of gross turonover?

CA Ashwani Agarwal

CA Ashwani Agarwal (Expert)

18 August 2011 Yes, they have to show 8% NP or get their accounts audited.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)

18 August 2011 Further, Section 44AD covers all types of business (Except business specified in Section 44AE).
44AD is applicable to Individuals, HUFs and Firms only.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2011 This a problem situation.
For AY10-11, presmt/ rate was 5% and taxable limit 160000.

For Ay 11-12, presmt. rate is 8% and taxable limit same 160000.

I want to file return for Both the years.

please experts give your comments?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

18 August 2011
File the Return for AY 2010-11 U/s 44AF by showing profit @ 5% or more. ITR 4

File the Reutrn for AY 2011-12 U/s 44AD by showing profit @ 8% or more. ITR 4S.

The methods are presumptive and the basis has been provided by the IT. So do not shy in filing the returns.

If facts permits, show profit somewhat higher than 5% in AY 2010-11.
Also keep in mind that in AY 2010-11, income should be kept below Rs 1.60 lacs, if possible.

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Querist : Anonymous

Querist : Anonymous (Querist)

18 August 2011 Great Sir!

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