Revision of itr 4

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2013 I have income from business, house property (2 houses- one self occupied, and second given on rent, - resulting in loss due to interest on house loan)and bank interest. My gross receipts in business is 20 lakhs.
I had filed my ITR 4 on line,a few days back showing profit at 5 lakhs,
I now realise that I can take benefit of Section 44AD and declare my profit @ 8% of Gross Receipts, i.e 160000. This will result in Nil tax for me.
Do I now have the option to show reduced profit at 8% and file a revised ITR 4 showing lower income? ITR 4S can not be filed as I have 2 houses.
The reason for filing revised ITR is solely to take benefit of Section 44AD
Please advise.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

05 July 2013 The higher profit reported in the Original Return will create more difficulties in compare to the amount of tax refundable.
.
It is not advisable, though return can be revised.

Message likes : 1 times

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now