Sec 44ad, sec 44aa and itr 4 / old itr 4s
This query is : Resolved
M.V.Srinivas
(Querist)
01 September 2017
Sir,
As per Sec 44AD, one can opt for presumptive income @ 8% on turnover less than Rs.2.00 Crores. As per sec 44AA, one has to maintain books if turnover exceeds 10 lakhs or income exceeds Basic exemption limit. ITR 4 / old ITR 4S is to be filed by the assessees opting for presumptive income.
My query is If an assessee has to file a return for having 8 lakhs presumptive turnover, income from house property 120000 and agricultural income of 50000,
1. Which ITR form he has to file New ITR 3 or 4?
2. Is he has to maintain books of accounts for fillling part B of P&L and balance sheet ?
As per Sec 44AD, one can opt for presumptive income @ 8% on turnover less than Rs.2.00 Crores. As per sec 44AA, one has to maintain books if turnover exceeds 10 lakhs or income exceeds Basic exemption limit. ITR 4 / old ITR 4S is to be filed by the assessees opting for presumptive income.
My query is If an assessee has to file a return for having 8 lakhs presumptive turnover, income from house property 120000 and agricultural income of 50000,
1. Which ITR form he has to file New ITR 3 or 4?
2. Is he has to maintain books of accounts for fillling part B of P&L and balance sheet ?
CA R SEETHARAMAN
(Expert)
01 September 2017
1 File ITR 3. in view of agricultural income exceed 5000.
2 Opt for 44AD no need of account p&l and bs filling
2 Opt for 44AD no need of account p&l and bs filling
M.V.Srinivas
(Querist)
04 September 2017
Sir, but for filing Form 3 we have to fill balance sheet and profit and loss account. ITD is asking for filling part B of P&L and Balance sheet.
CA R SEETHARAMAN
(Expert)
05 September 2017
Select no account case and Opt for 44AD no need to file p&l and bs.
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