Chartered Acccountant
37 Points
Joined June 2014
As per Section 44AD of the Income Tax Act presumption taxation can be applied only for profits and gains of busniness or profession.
However w.e.f from 1-4-2017 assessee's engaged in profession referred to in section 4AA(1) and whose gross total receipts does not exceed Rs 50 Lakhs in a previous year can aopt for presumtive taxation.
Hence, ITR 4S cannot be filed and only ITR 4 has to be filed.