Its been quite some time now, that i have been asking this Question but everytime i have received Vague Replies, So can someone Please help me get rid of this Query.
WHAT IS THE DIFFERENCE BETWEEN ITR 4 & ITR 4S?
My Articleship Experience has taught me enough about ITR 4, but never have i come accross an ITR 4S,
So can Someone also please let me know, WHAT ARE THE ASSESSEES TO WHOM ITR 4S APPLIES?
Mukul Jatwani
"NEVER STOP LEARNING"
@ Mukul
ITR 4S is specifically designed to cater the needs of the assessee carrying on business who are showing income on presumptive basis... ITR4S is not used some cases like:
1. Tax Audit Case.
2. Assessee not covered U/sec 44AD or 44AE like professionals, commission agents etc
3. As assessee having income from 2 house property, or capital gains or agriculture income.
4. Having Interest in assets outside India.
In these cases, ITR 4 is used.
IT SHOULD BE SEEN WHAT IS THE NATURE OF BUSINESS IF IT COMES UNDER PRESUMPTIVE BUSINESS THAN YOU CAN FILE ITR 4 S IF IT IS NOT COMING UNDER PRESUMPTIVE BUSINESS INCOME THAN ITR 4 . A NOTEWORTHY POINT IF TURNOVER EXCEEDS AUDIT LIMIT THAN ITR 4 ALSO NOTE IF CLIENT WANT TO SHOW INCOME BELOW PRESUMPTIVE LIMIT THAN ALSO ITR 4.
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