Thanku every one for going thru my post. First of all im bed ridden due to accident so dont work for last 3 years. Earlier I was employed and used to fill ITR2. This FY 2011-12 I have started a home based work where I reply to users query online and the owner of the company simply pays me fixed 15000/- PM under contract for a year starting Mar2011 ending march 2012 . The important points here are: (a) I am not in contract as a company, i am an individual, I am not owning consultancy, any company, firm etc, just an individual (b) I dont maintain any book of accounts, any expenditure records (c) The total yearly income will be 1.8L, I just consider it as a regular salary though under 194C 1% TDS is done.
Now the question is, as per earlier advise, someone said I need to fill ITR4S (EXACT Quote: show the net income =< 8% on the gross receipt of this job work and no need of account books if your total groos receipt during the fY below 60 lac.) ... So now i went through ITR4S and have some questions:
(A) What does presumptive income mean in my case? Its fixed 15K per month so i know how much i will get till Mar12 so what to presume and what does <=8% mean. the form says.......If income is less than 8% of Gross Receipts, it is mandatory to have a tax audit under 44AB and Regular ITR 4 form has to be filled and not this form......so what is my gross receipt 1.8L? and 8% of this means 14400/- so what do i do of this figure?
(b) What are sundry debtors/creditors, cash balance etc in row E7-E10, can i leave these blank or NIL as I dont maintain any records?
(c) What to fill under nature of Business/profession drop down menu? I just fill online forms, dot won a busines and the website that i work for is an IT based BPO company. There are 5 types of OTHER listed in the menu?
(d) Since the amount earled is very less (1.8L) and I am not into any business just temporary offline contract work, can I just not continue filling ITR2 and fill this 1.8L income under OTHER SOURCE rather than filling ITR4S and complicating it? Since this assignment is just for this year. Please guide suitably.
CAclubindia
