I am having following income
1) Professional receipts less than 50 lakhs
2) Interest from savings bank, FD. mututual fund and NCD
3) Dividend from shares listed on NSE/BSE
4) Interest from PPF.
Housing Interest Principal and Interest i pay for one House.
Upto last year I used to file ITR-4.
This year whether i can file ITR-4S - presumptive professional income???
Thanks in advance
Assuming professional receipts eligible (as per section 44AA) for assessment u/s. 44ADA, you can file ITR 4_Sugam (earlier ITR4S) this year.
Thanks for your reply Mr Rambhia. Just wanted to know one thing.
Irrespective of % of profit last year -one can take advantage of presumptive rule. ??.
That is there is no preconditions attached to it I hope.
" rrespective of % of profit last year -one can take advantage of presumptive rule. ??. " YES.
"That is there is no preconditions attached to it I hope."
Only condition its eligibility as per turnover, and professional income as per section u/s. 44AA
(For resident individuals/huf/firm)
Thanks for your reply. Yes that means AO can call for books of accounts even though you have taken 50% .?
I think, you have not properly understood the concept.
Once the income is eligible for assessment u/s. 44ADA, and if you have declared 50% or more as taxable income, AO cannot ask for any books of accounts, except the verification of gross receipts (rarely).
CAclubindia
