Related to itr
This query is : Resolved
21 March 2014
Dear Experts,
I want to know if i do not opt for Sec 44AD then, i can go for ITR-4 and show Net Profit less than 8%..?
Is it advisable.
Thank You.
I want to know if i do not opt for Sec 44AD then, i can go for ITR-4 and show Net Profit less than 8%..?
Is it advisable.
Thank You.
21 March 2014
then tax audit may become applicavble in such case
21 March 2014
Tax Audit is applicable if i opt for ITR-4S and is below 8%..But in my case i opt for ITR-4, the tax audit limit is Rs 1Cr..
21 March 2014
ya u havent provided the details.....
21 March 2014
Sir m asking you that whether i can show Net Profit less than 8% by routing vai ITR-4 ?
21 March 2014
If I maintain Books of Accounts also.
21 March 2014
1. Section 44AD is MANDATORY for an eligible assessee.
2. So if your turnover is LESS than Rs. 1 crore, then you are automatically covered by Section 44AD.
3. If you show profit less than 8%, then you have to maintain books of accounts and get your accounts audited even if your turnover is less than Rs. 1 crore.
2. So if your turnover is LESS than Rs. 1 crore, then you are automatically covered by Section 44AD.
3. If you show profit less than 8%, then you have to maintain books of accounts and get your accounts audited even if your turnover is less than Rs. 1 crore.
21 March 2014
Sir, then why do we file ITR-4 for higher Exp :- NP ratio @ 12.5%
we can use ITR-4S na ?
we can use ITR-4S na ?
21 March 2014
also for calculating higher than 8%, we require to maintain books of accounts to calculate the higher ratio.
21 March 2014
1. Section 44AD requires to show MINIMUM 8% as profit.
2. An assessee can show HIGHER profit also. In that case also he will be covered u/s 44AD only.
3. Even if the assessee shows higher profit then also he will file ITR 4S.
4. Books of accounts are NOT to be maintained even if higher profit is shown.
2. An assessee can show HIGHER profit also. In that case also he will be covered u/s 44AD only.
3. Even if the assessee shows higher profit then also he will file ITR 4S.
4. Books of accounts are NOT to be maintained even if higher profit is shown.
21 March 2014
Sir when do we require to file ITR-4 ?
Pls .
Pls .
21 March 2014
1. ITR 4 will be filed when the assessee is NOT eligible for benefit u/s 44AD.
2. This will happen in the following cases:
(a) Turnover exceeds Rs. 1 crore
(b) The asseessee is NOT an individual or HUF or firm
(c) The assessee is a PROFESSIONAL or having commission income.
(d) The assessee has shown income less than 8% of the receipts.
2. This will happen in the following cases:
(a) Turnover exceeds Rs. 1 crore
(b) The asseessee is NOT an individual or HUF or firm
(c) The assessee is a PROFESSIONAL or having commission income.
(d) The assessee has shown income less than 8% of the receipts.
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21 March 2014
Siddhartha i tell u..u are a great consultant..very nice
Keep doing great work.
Thanks a Lot.
Keep doing great work.
Thanks a Lot.
21 March 2014
You are welcome. I am always willing to share my knowledge.
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