Sugam form
This query is : Resolved
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????
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.
It is better to opt for ITR4S.
27 September 2011
Thank You Siddhartha for the quick reply.
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