Itr filing
This query is : Resolved
26 October 2016
Dear Experts.,
I read the details for 44AA, 44AB and 44AD in Our Site... If a assessee have not maintained his accounts book. He will pay 8% or above under presumptive taxation.
1. If He file ITR4 or Not?
2. No account books maintain cases will file ITR4 or Only file ITR4S?
3. The 8% net profit include Tax Slab rate amount Rs.250,000/- or Exclude? (Individual)
4. The 8% net profit Include Remuneration for Partnership Firm or Exclude?
Pleas clear my doubts dear all...
(Note: I'm not fluent in English. So, pls understand my writings...)
I read the details for 44AA, 44AB and 44AD in Our Site... If a assessee have not maintained his accounts book. He will pay 8% or above under presumptive taxation.
1. If He file ITR4 or Not?
2. No account books maintain cases will file ITR4 or Only file ITR4S?
3. The 8% net profit include Tax Slab rate amount Rs.250,000/- or Exclude? (Individual)
4. The 8% net profit Include Remuneration for Partnership Firm or Exclude?
Pleas clear my doubts dear all...
(Note: I'm not fluent in English. So, pls understand my writings...)
26 October 2016
For My View,
1. He can file ITR-4
2. In ITR-4 You have to choose no account case and mention turnover and profit. (This is easy way) rather to file 4S
3. Yes that 8% is part of slab rate for example if your turnover is 30,00,000 Rs. than 8% is 2,40,000 so you r not liable to pay tax as your income is lower than exemption limit. (For Individual)
4. Yes that 8% is before remuneration and Interest to partner (up to F.Y. 2015-16)
Now interest , salary , remuneration etc paid to partners by the partnership firm will not be allowed as deduction if income declared u/s 44AD wef F.Y. 2016-17 as the provision in this respect prvided under Section 44AD(2) has been deleted by the Finance Act 2016.
Hope your doubts clear.
Thanks.
1. He can file ITR-4
2. In ITR-4 You have to choose no account case and mention turnover and profit. (This is easy way) rather to file 4S
3. Yes that 8% is part of slab rate for example if your turnover is 30,00,000 Rs. than 8% is 2,40,000 so you r not liable to pay tax as your income is lower than exemption limit. (For Individual)
4. Yes that 8% is before remuneration and Interest to partner (up to F.Y. 2015-16)
Now interest , salary , remuneration etc paid to partners by the partnership firm will not be allowed as deduction if income declared u/s 44AD wef F.Y. 2016-17 as the provision in this respect prvided under Section 44AD(2) has been deleted by the Finance Act 2016.
Hope your doubts clear.
Thanks.
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27 October 2016
Dear CA SAGAR M. AHUJA Sir.,
Thank You, Thank You Sir.,
I have cleared my doubt exactly and You give extra points to Me.
Thank You Once Again...
Thank You, Thank You Sir.,
I have cleared my doubt exactly and You give extra points to Me.
Thank You Once Again...
27 October 2016
Dear CA SAGAR M. AHUJA Sir.,
I have Some Doubts. Please clear if you have any free of your valuable time...
1. A Partnership Firm's turnover under 90,00,000/-. They are maintained his accounts books. If this accounts want Tax Audit U/s 44AB compulsory or Not...?
2. One of the Individual person filed his IT Returns,
AY 2012-13 - ITR4
AY 2013-14 - ITR4S
AY 2014-15 - ITR4S
AY 2015-16 - ITR4
AY 2016-17 - ??? above listed ITR will make any scrutiny on futures?
3. ITR4S - Balance sheet include Closing stock. If the ITR4s closing stock in balance sheet is available or Not...?
I have Some Doubts. Please clear if you have any free of your valuable time...
1. A Partnership Firm's turnover under 90,00,000/-. They are maintained his accounts books. If this accounts want Tax Audit U/s 44AB compulsory or Not...?
2. One of the Individual person filed his IT Returns,
AY 2012-13 - ITR4
AY 2013-14 - ITR4S
AY 2014-15 - ITR4S
AY 2015-16 - ITR4
AY 2016-17 - ??? above listed ITR will make any scrutiny on futures?
3. ITR4S - Balance sheet include Closing stock. If the ITR4s closing stock in balance sheet is available or Not...?
20 November 2021
1. Not compulsory.
2. Based on the ITR differences not called for.
3. same figure to be repeated.
2. Based on the ITR differences not called for.
3. same figure to be repeated.
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