Return file itr-4s
This query is : Resolved
SUDHIR GARG
(Querist)
30 May 2012
Can we show more than 8% profit from B&P in ITR-4S.
i have turnover for rs. 7,00,000 and my profit is 1,78,000 than whether should i file ITR-4 or ITR-4S.
i have turnover for rs. 7,00,000 and my profit is 1,78,000 than whether should i file ITR-4 or ITR-4S.
CA Harish Suwalka
(Expert)
30 May 2012
if you wish to show income on presumption basis than you should file return in ITR-4S
you can show more than 8% net profit, and pay tax accordingly...
you can show more than 8% net profit, and pay tax accordingly...
CA SHAH DILEEPKUMAR
(Expert)
30 May 2012
You can show profit more than 8 % and file ITR- 4S to get other immunity by mere filing limited details
SUDHIR GARG
(Querist)
30 May 2012
thnx for your kind rply....... and will i have to maintain books of a/c's u/s 44AA.
CA Harish Suwalka
(Expert)
30 May 2012
if you file return in ITR-4S declaring return on presumptive basis than there is no need to maintain books of accounts.
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SUDHIR GARG
(Querist)
31 May 2012
Thanx mr. Harish but sec. 44AA said that if profit is more than 120000 in three precedng year than books of a/c's have to be maintained. please guide me
CA Harish Suwalka
(Expert)
31 May 2012
read clause no (iii) of that section
SUDHIR GARG
(Querist)
31 May 2012
i am not getting this clause......can you please explain
CA Harish Suwalka
(Expert)
31 May 2012
the essence is that one need not to coply with sec 44AA if he compiles with the 44ad
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