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Revision of itr 4

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Querist : Anonymous

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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.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
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.
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