Itr revision

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bhati (Querist)
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10 October 2014 We are a Retail traders involved in multiple commodities business, and having a Turnover of below 1 crore. Non tax Audit case.

For the FY 2013-14 , we have uploaded ITR 4 Return well within due date thereby declaring a profit of 4 Lac as Business income along with Balance sheet and profit and Loss account.
But still we have not sent ITR 4 to CPC.

Now we want to opt for Presumptive taxation and declare our profit @ 8 % and want to file ITR 4S.

question
1. can we Revised the ITR from ITR4 to ITR 4S and opt for presumptive basis.
2. Can we claim and set off House property loss with Business Income opted under Presumptive basis.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 October 2014 1. yes you can revise

2. yes you can set off...

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Rupesh Jain

Rupesh Jain (Expert)
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10 October 2014 yes you can revise and declare the profit 8% and take the loss set off against the profit of business.

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bhati

bhati (Querist)
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10 October 2014 If ITR 4 is filed Belated, whether It is possible to revise or re -submit fresh ITR4S either electronically or Manually.

Any other way to solve the issue or proceeding.

Nikhil Kaushik

Nikhil Kaushik (Expert)
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10 October 2014 if it is belated, then you cannot do anything..

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