Itr 4 & 4s

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Mukul

CA FINAL

55 Points Posted on 15 December 2013

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"

Replies (2)

Hanish Chaudhary

Chartered Accountant

126 Points Posted on 15 December 2013

@ 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.

manoj

student

4374 Points Posted on 15 December 2013

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.