Urgent - itr
This query is : Resolved
09 August 2014
Respected sir, an assessee is having non specified presumptive professional income as well as having exempt income exceeding Rs.5,000/-, due to which ITR 4S cannot be filed as column no.29 of ITR4S requires to enter exempt income upto Rs.5000/-. If ITR 4 is filed then the benefit of presumptive provisions u/s-44AD cannot be claimed as the net profit exceeds Rs.1,20,000/- & so the assessee is required to maintain books of accounts then. Can the assessee file ITR 2 to avoid both these problems by showing the income under IFOS or will there be any problem if the assessee do not shows exempt income at all in ITR4S or any other alternative?? Plz suggest.
Rupesh Jain
(Expert)
09 August 2014
you have to file itr-4 FOR INCOME TAX RETURN.
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