Dear Experts,
An individual trader is liable to maintain books of accounts as per section 44AA(2) if his turnover or profit exceeds the prescribed limit. If he is liable to maintain so, can he furnish his return of income through ITR-4?
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Can an individual liable to maintain accounts opt for Presumptive Taxation?
Replies (3)
Quick Summary
Unless provision of subsection (4) section 44AD, applicable; and if he is eligible assessee as per section 44AD; he can take advantage of presumptive assessment u/s. 44AD
If the trader is opted for presumptive taxation u/s 44AD then he can file ITR 4
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