Section 44ad & itr-4s
This query is : Resolved
20 February 2012
Is the applicability of section 44AD necessitate the assessee to e-file his return of income in ITR-4S?
CA PARAS BAFNA
(Expert)
20 February 2012
No it is not so. If you have more than one property, than you can file your business income return in ITR 4 also.
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We have not noticed any such case in which it has been questioned that eventhough ITR-4S was applicable, why we have filed ITR-4?.
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sO, WE SHOULD NOT DEEM THAT It's necessitated .... it's only facilitated.
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We have not noticed any such case in which it has been questioned that eventhough ITR-4S was applicable, why we have filed ITR-4?.
.
sO, WE SHOULD NOT DEEM THAT It's necessitated .... it's only facilitated.
Message likes :
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21 February 2012
Thank You Sir for clarifying the doubt.
Another observation that I would like to share is that in few of the returns processed u/s 143(1), wherein 44AD was opted, the ITD had calculated interest u/s 234B & 234C, which I believe is overlooking provisions of sub-section 4 of section 44AD.
Another observation that I would like to share is that in few of the returns processed u/s 143(1), wherein 44AD was opted, the ITD had calculated interest u/s 234B & 234C, which I believe is overlooking provisions of sub-section 4 of section 44AD.
CA PARAS BAFNA
(Expert)
21 February 2012
It's a past practice to levy interest U/s 234-B and 234-C. However, on income shown U/s 44AD, Interest U/s 234-A can only be levied.
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On the similar issue, queries have been raised in this forum also. However, in some of the cases, STCG, or IFOS income was there. Interest U/s 234-B and 234-C can be levied by excluding the income U/s 44AD.
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To avoid all these, if we file ITR 4S, we can defend in a single line.
.
.
On the similar issue, queries have been raised in this forum also. However, in some of the cases, STCG, or IFOS income was there. Interest U/s 234-B and 234-C can be levied by excluding the income U/s 44AD.
.
To avoid all these, if we file ITR 4S, we can defend in a single line.
.
22 February 2012
Agreed.
But in handful of cases it is observed that even after opting for section 44AD and choosing ITR-4S, still ITD has calculated interest u/s 234B/C.
But in handful of cases it is observed that even after opting for section 44AD and choosing ITR-4S, still ITD has calculated interest u/s 234B/C.
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