21 August 2011
if any person having gross reciepts Rs.350000/- from proprieter business and net income Rs.159200/- then what is the tax amt. and what should be filled in option E1 to E6 in ITR 4S.
You have not mentioned whether you covered U/s 44AD or 44AE. I presumed that your case not falls to 44AE.
As per Sec 44 AD of IT Act, you can file ITR showing income of Rs 159200 which is more then 8% then prescribed min. income declaration. In that case there is no IT liability.
you have to mention in: El: Rs 350000 E2: Rs 159200 E3 to E5: Not applicable E6: Rs 159200
Hope the same is informative and query is resolved.
CAclubindia
