ITR forms

This query is : Resolved

JAWAHAR (Querist)
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21 June 2011 I have some doubts regarding the filing of IT returns( Manual).
If an assessee is showing estimated business income of Rs.100000/- from Real estate commission, Rs.80,000/- from Work contract supervision, and Rs.60,000/- from LIC agency business. Please advise in which form I have to file IT return?
If not attaching the P& L account, Balance sheet, but showing 33.33% expenses on gross receipt, whether I can use ITR- 4S for filing the Return? or to use ITR-4 ? Pleae clarify..

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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21 June 2011 You can show the income of assessee U/s 44AD in respect to every eligible business.

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By showing 33.33% expenses on gross receipt, you can use ITR- 4S for filing the Return as you can show income higher than 8% of turnover. or gross receipts of the business.

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"Jab ITR 4S hey to phir Four kyon bharna ?
Department has got enough machinery to inform any changes or clarification regarding the definition of " eligible business". But till now, the definition given in Section 44AD is having the widest ever scope prescribed under any presumptive income scheme.