My client runs a business of catering where his gross turnover is approximately Rs. 20,00,000/-. His taxable income has come to around Rs. 1,82,000/- and hence his tax liability is NIL. He wants to claim a refund of the TDS that has been deducted from his receipts.
My question is whether I should opt for section 44AD and file ITR-4S (Presumptive income) or file ITR-4?
If i file ITR-4S, please mention the appropriate changes required in the books of accounts, if any?
For claiming sec.44AD, you need to declare 8% of net profit. if nor need to get the books audited.
If business is an eligible business as defined for section 44AD, then 44AD, else if you are required to maintain books of accounts by law, (for example profesionals), then presumptive taxation u/s 44AD cannot be opted.
Partnership firms are eligible under presumptive taxation. This is evident becasue it permits to deduct remuneration and interest ot partners from profits estimated at 8% or more.
But, these partnership firms are not entitled to file under ITR 4S , as this does not provide firm under the dropdown list under tab "status".
The law allows the firms to avail presumptive taxation, but the ITR forms does not allow this. I believe there is conflict in law.
Please clarify
A Person is a fabricator contractor & his turnover in f.y.2013-14 Rs-413890/- and tds deducted on his payment u/s 94C-Rs.4139/- Pls tell me that can we file ITR- 4S
Dear Sir/ Mam,
I am doing Network marktting in Direct selling organisation. I had filled ITR-4 form in A.Y. 2012-13 & A.Y. 2013-14.
Can I file ITR-4- S online this year i.e. A.Y. 2014-15 ?
pls reply. thanks
Kothari Jain Patil & Chartered Accountants
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