New ITR4s Sugam

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2011 I have business income which exceeds 8% of gross receipts and the gross receipts are well below Rs 40 Lakhs.

I am an Individual. My "Nature of Business" Code is 0703 (Business Consultancy Services). My clients do TDS under 194J (Professional/Technical Fees).

Can I file the New ITR4S Sugam or should I file the Old ITR4.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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25 July 2011 Business consultancy, as per my understanding ,comes under 'management consultancy'. If it is so considered, income should be offered under the head 'profession', for which ITR-4S can't be used meaning thereby the appropriate form is ITR-4.

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2011 Thank You Mr Warrier.

If I have to file the ITR4, does it mean that I have to maintain a book of accounts?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 July 2011 Yes. u have to maintain 'such books of accounts' so as to enable the ITO to check the computation of your income. For details pl refer section 44AA(2) of the Income tax Act,1961.

Querist : Anonymous

Querist : Anonymous (Querist)

26 July 2011 "Any business or profession that has an annual turnover/gross receipts exceeding rupees ten lakh and net profit of rupees one lakh twenty thousand, must maintain such books of account and documents from which its income can be reasonably ascertained by the department."

I have read the above in the FAQ section of the IncomeTax India website. As my gross receipts and net profit both are below the given limit, am I still required to maintain books of account?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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26 July 2011 Your understanding needs reconsideration. Pl read section 44AA(2)(i). the interconnecting word in between income and turnover is not AND but OR.

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