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Presumtive tax u/s.44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 January 2012 My client has made Net profit on sales @37.50%. Now can he file his income tax return using ITR-4S under presumtive income.
One tax expert advised me not to use this form if the net profit is more than 8%.
Can you please advise me in this matter.
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sadashiv Rupchand Gaikwad

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sadashiv Rupchand Gaikwad (Expert)
01 January 2012 You may use Form ITR 4S.Need not filled in ITR4.
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CMA Arif Farooqui

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CMA Arif Farooqui (Expert)
03 January 2012 if ur turnover is under 60 lakhs then u can file ITR 4S. there is no reason that u cant file ITR 4S.
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