Sectopm 44ab and section 44ad of the income tax act 1961
This query is : Resolved
20 June 2016
Dear Expert,
My client was so far submitting i.tax return under section 44AB for the last 12years and accordingly tax audit was conducted and ITR 4 was submitted upto the accounting year 2014-15. Now in the accounting year 2015-16 sales dropped to 25 lakhs and accordingly i can opt for the ITR 4S under section 44AD and declare 8% profit on said turnover of Rs.25 lakh. Now my question is whether I can use ITR 4S under section 44AD in place of ITR 4 under Section 44AB Which my client used so long.
Please help.
Thanking You,
Yours Faithfully,
Debabrota Roy.
My client was so far submitting i.tax return under section 44AB for the last 12years and accordingly tax audit was conducted and ITR 4 was submitted upto the accounting year 2014-15. Now in the accounting year 2015-16 sales dropped to 25 lakhs and accordingly i can opt for the ITR 4S under section 44AD and declare 8% profit on said turnover of Rs.25 lakh. Now my question is whether I can use ITR 4S under section 44AD in place of ITR 4 under Section 44AB Which my client used so long.
Please help.
Thanking You,
Yours Faithfully,
Debabrota Roy.
20 June 2016
Yes, can use form ITR 4S.
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