Itr filing

Save Share

This query is : Resolved

Jay C (Querist)

28 June 2014 Sir/madam,

I want file a ITR return in respect of the assessee having business income which is less than 1 crore as well as agricultural income in excess of Rs.5000. Can I file the business income under presumptive scheme by selecting ITR - 4 or I have to offer the business income as income from regular business (Not presumptive income).

Please clarify, Thanks in advance..

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 June 2014 you shall still be covered under presumptive income. but you cannot file ITR-4S. You will have to file ITR-4 only as exempt income is more than Rs 5000.

Jay C

Jay C (Querist)

28 June 2014 Thank you sir. My confusion was ITR 4S is applicable for presumptive scheme and ITR 4 is applicable for Individual and HUF having proprietory business income as is given in guidelines for ITR filing.

Thanks once again for clarifying. Good day..

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 June 2014 actually the rule is that ITR4S is for presumptive income only if the "exempt income" is not more than Rs 5000. Otherwise presumptive income is also to be offered tax in ITR-4.

Jay C

Jay C (Querist)

28 June 2014 Ok sir. Thank you so much..

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 June 2014 you are welcome........

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now