Sugam form

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Puneet Singh (Querist)
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24 September 2011 My client is a small time contractor receiving contract for repairing roads, building pipes etc. Will he fall under u/s44AD of I.Tax Act. If yes,is it compulsory to file return in FORM Sugam (ITR 4S) or ITR 4 can also be used? He wants to show his net profit of more than 8% of Gross Receipt.So whether ITR 4 can also be used to file return????

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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27 September 2011 He can opt for Section 44AD and he can also show profit higher than 8%. Section 44AD only prescribes the minimum %age of profit. It does not specify the maximum %age that can be claimed as profits.

It is better to opt for ITR4S.

Puneet Singh

Puneet Singh (Querist)
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27 September 2011 Thank You Siddhartha for the quick reply.

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