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SIDDHARTH KOTHARI (N.A)     19 September 2012

About itr 4s........please help

Hi.........

ITR 4S is for those assessees who are covered by Section 44AD and Section 44AE.

As per Section 44AE we are required to do follwoing :

say,

we have commercial vhicles - 2 for 12 months then our deemed income be 5000 p.m. would be 120000.

My problem is , whether we are required to show net profit to compare above value at the time filing ITR 4S even though we are not maintaining books of accounts?

If the assessee is not maintaining books of accounts then the profit is uncertainable then how we can show the profit as per profit and loss accoint?

Thanks in advance..........

 



 6 Replies

Dintakurthi Tirumala

Dintakurthi Tirumala (CA FINAL)     19 September 2012

No need to show net profit to compare. Just indicate the income according to the section 44AE.

OM SAI SRI SAI JAI JAI SAI

2 Like
U S Sharma

U S Sharma (glidor@gmail.com)     19 September 2012

sec 44AE is no more in existance, but merged with 44AD, 

sadashiv Rupchand Gaikwad

sadashiv Rupchand Gaikwad (Proprietor)     19 September 2012

You may show more profit as you  like it, but not too less than your fresh investment made during the financial year.

1 Like
Dintakurthi Tirumala

Dintakurthi Tirumala (CA FINAL)     19 September 2012

Mr.U S Sharma 44AE is in force and 44AF is no more and merged with 44AD along with some amendment made to 44AD. But 44AE is in force.

 

OM SAI SRI SAI JAI JAI SAI

U S Sharma

U S Sharma (glidor@gmail.com)     19 September 2012

sorry i overlooked, 44AE is valid but 44AF is merged :) thanks for correcting me 

Prathamesh

Prathamesh (Article)     23 September 2012

If the Assessee wishes to offer income less than 120,000 only then would he have to maintain books as per Sec 44AA and  get them audited as per sec 44AB

in your case you only have to show 120,000 as income computed u/s 44AE


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