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Itr-4 or itr-4s (sugam)

05 June 2013

My client runs a business of catering where his gross turnover is approximately Rs. 20,00,000/-. His taxable income has come to around Rs. 1,82,000/- and hence his tax liability is NIL. He wants to claim a refund of the TDS that has been deducted from his receipts.

My question is whether I should opt for section 44AD and file ITR-4S (Presumptive income) or file ITR-4?

If i file ITR-4S, please mention the appropriate changes required in the books of accounts, if any?

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7 Replies

CMA Ramesh Krishnan (Cost & Management Accountant) (71604 Points)
Replied 13 June 2013

For claiming sec.44AD, you need to declare 8% of net profit. if nor need to get the books audited.

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Ritika Pundir (CA) (154 Points)
Replied 15 June 2013

If business is an eligible business as defined for section 44AD, then 44AD, else if you are required to maintain books of accounts by law, (for example profesionals), then presumptive taxation u/s 44AD cannot be opted.

D.SATYANARAYANA (PROPRIETOR) (23 Points)
Replied 24 September 2013

Partnership firms are eligible under presumptive taxation. This is evident becasue it permits to deduct remuneration and interest ot partners from profits estimated at 8% or more.

But, these partnership firms are not entitled to file under ITR 4S , as this does not provide firm under the dropdown list under tab "status".

The law allows the firms to avail presumptive taxation, but the ITR forms does not allow this. I believe there is conflict in law.

Please clarify

satish agrawal (accountant) (26 Points)
Replied 28 May 2014

A Person is a fabricator contractor & his turnover in f.y.2013-14 Rs-413890/- and tds deducted on his payment u/s 94C-Rs.4139/- Pls tell me that can we file ITR- 4S

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