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?
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.
.
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.
.
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 :
1 times
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.
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.
.
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.
.
.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Can we claim ITC in 28%
- Forgot to update debit note in gst
- Relief Calculation u/s 89 of ITax 1961 in TableA Form10E
- Credit note Issue reg
- Sale of Gold ornaments
- Accounting Policies changes
- Ca final exam registration may-26
- SECTION 194T
- Query Regarding Income Tax Rate on Gain from Transfer of Partnership Stake (LLP Partner)
- Can we issue an invoice today
- ADDITIONAL PLACE OF BUSINESS DOCUMENTS
- Are You Looking For an Easy Academic Help?
- Wrongly goods delivered to other state
- Tds on GST in connection with sale to public company
- B2B Amendment
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- Regarding Advance Tax not claimed in the Return of Income for A.Y. 2025-26
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
