Itr -4s form filling


(Querist)
12 July 2019
Will I have to continue with 4s for further few years or again i can change the form next year depending on my income



CA R SEETHARAMAN (Expert)


Click to Talk 12 July 2019
You can change the form and opt out of presumptive tax but can't opt back till 5 years.

sundeep (Querist)
12 July 2019
so I think it is safe to continue with form 3 .please comment in as much detail as possible as I am a layman.

CA R SEETHARAMAN (Expert)


Click to Talk 12 July 2019
Continue with form 4 and declare 8% profit that's simple for you.

sundeep (Querist)
12 July 2019
I DO NOT KEEP ANY RECORDS AND AUDIT ETC.

CA R SEETHARAMAN (Expert)


Click to Talk 12 July 2019
Records and audit not required file ITR 4.

sundeep (Querist)
12 July 2019
YOU MEAN TO SAY ITR 4 OR 4S.. SEC 44ADA IS ALSO AVAILABLE IN ITR3 (CAN i AVAIL THIS). MY INCOME IS LESS THAN 2.5L FROM CONSULTANCY AND MORE FROM BANK INTEREST.

sundeep (Querist)
12 July 2019
CAN I GO FOR ITR3 WITH SEC44 ADA IN PROFIT AND LSOS SHEET. IN THIS CASE I WONT HAVE TO CHANGE ITR FORM#, THE 5 YEAR RULE IS APPLICABLE TO ITR4S OR SEC 44ADA. THANKS FOR ALL ADVICE.

jinendra jain (Expert)
15 July 2019
ITR 4S is not applicable from AY 2018-19 so Fro 44AD/44AE/44ADA one have to file ITR 4, else if books of account prepared then file ITR 3.

sundeep (Querist)
15 July 2019
THANKS SIR . IN ITR3 THERE IS A SECTION FOR PRESUMPTIVE TAX WHERE NO ACCOUNTS ARE REQUIRED.CAN I GO FOR THIS. AS I HAD FILED ITR3 IN SAME SECTION LAST YEAR. SO I DO OT WANT TO DEVIATE UNLESS IT IS WRONG/INCORRECT TO DO SO.

CA R SEETHARAMAN (Expert)


Click to Talk 15 July 2019
You can do so no problem.


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