Section 44ad in itr 4s
This query is : Resolved
Debabrota Roy
(Querist)
18 June 2014
Dear Sir,
Please note last 6 years i have filed my Incoeme tax return in ITR4 supported by books of accounts,audited accounts with form 3CB AND FORM 3CD showing income below 5% for trading business. Now from F.Y.2013-2014 MY SALE has drastically falls to 40lakhs and i want to show 9% net profit on Turnover. But i would not maintain any books of accounts not any audit for my said business. I want to file in ITR4S under section 44AD. Pleas clarify that my above step in the light of Incoem tax act is correct or not.
Please note last 6 years i have filed my Incoeme tax return in ITR4 supported by books of accounts,audited accounts with form 3CB AND FORM 3CD showing income below 5% for trading business. Now from F.Y.2013-2014 MY SALE has drastically falls to 40lakhs and i want to show 9% net profit on Turnover. But i would not maintain any books of accounts not any audit for my said business. I want to file in ITR4S under section 44AD. Pleas clarify that my above step in the light of Incoem tax act is correct or not.
Nikhil Kaushik
(Expert)
19 June 2014
you can file ITR-4s provided your exempted incomes are less than Rs 5000. else regardless of applicability of 44AD, you need to file ITr4
Rupesh Jain
(Expert)
19 June 2014
you can file return in form 4S u/s 44AD declare profit minimum @ 8% of sales.
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