if a Legal Professioner (Advocate) whose gross total income is more then Rs. 200000, in which ITR he should file Income Tax Return. & who can file ITR 4S Sugam.
(CA Final Student)
Replied 05 August 2013
Advocate need to file ITR 4 and not ITR 4S
Details on ITR 4S plz note carefully
Who can use the ITR-4S
ITR-4S Form is applicable on Individuals, HUFs & small business taxpayers deriving income from
Moreover, in case any income of spouse, minor child, etc. gets clubbed with the income of the assessee, then ITR-4S can be used only if the clubbed income falls into the above income source. Also, the above income will be deemed to be computed after considering every losses, allowances, depreciation, etc.
Who cannot use the ITR-4S
ITR-4S is not applicable if income is derived from
Return in ITR-4S cannot be filed by a person, who:
a) Is a resident Individual or a HUF (other than not ordinarily resident in India) deriving income as referred to in section 44AD or 44AE, and has:
b) Has claimed any relief of tax under section 90, 90A or 91;
c) Has income exceeding Rs. 5,000 which is not chargeable to tax. In other words, if assessee claims exemption in respect of any income under sections 10, 10A, 10AA, etc.
What are the benefits of ITR-4S?