Itr-4 e-filing clarification needed

Efiling 838 views 3 replies

Nishith

engineer

29 Points Joined July 2012

Hello experts,

i'm working in a engineering company as "contract employee" and the company pays me "consultation fee". i have received Form16a and all payments are shown under "194J - Fees for Professional or Technical Services". I have no other income or professional expenditure.

I have the following questions?

1) Where in the excel sheel "2012_ITR4_PR9.xls", do you i enter the total payment received? is it as below?

>> in the excel sheet, in worksheet "PART PL" under the row "1.Sales/ Gross receipts of business or profession (Net of returns and refunds and duty or tax, if any)"

1	Sales/ Gross receipts of business or profession (Net of returns and refunds and duty or tax, if any)

2) what is the criteria for "Are you liable to maintain accounts as per section 44AA?". Total payment received 5 lakh p.a. this year. Previous Assessment year, i was salaried employee and used ITR-1. should i answer "yes".

Are you liable to maintain accounts as per section 44AA? (Select)

Appreciate your kind help.

Thanks,

Replies (3)

Ganeshbabu K

Audit and Tax Advisory

48564 Points Joined May 2012

The44AB section stipulates that every person carrying on business or profession is required to get his accounts audited by a chartered accountant before the "specified date" and furnish by that date the report of such audit, if the total sales, turnover or gross receipts exceed Rs.60 lakhs in the case of business and gross receipts exceed Rs.15 lakhs in the case of profession - vide clauses (a) and (b) of section44AB

SO YOU ARE NOT COMING UNDER 44AB

SO SAY NO IN A COLOUMN THAT WHERE IT ASKS FOR 44AB APPLICABILITY.

AND FOR YOU REGARDING

PART-PL

U HAVE TO FILL IN THOSE DETAILS WHAT U HAVE MENTIONED ONLY,K,

Nishith

engineer

29 Points Joined July 2012

Thanks for your reply. i understand sec 44AB but not clear on sec 44AA.

Company directly credits the payment to my bank account.

Refering artcile it mentions "if the gross receipts of a profession exceed Rs 150000 in all the three years preceding the previous year only then the books of accounts will be required to be maintained"

Since this is the first year i'm receiving under 194J, can i answer as "No".