Itr 4 ot itr 4s

The Sugam ITR-4S Form is the Income Tax Return form for those taxpayers who have opted for the presumptive income scheme as per Section 44AD and Section 44AE of the Income Tax Act. However, if the turnover of the business mentioned above exceeds Rs 1crores, the tax payer will have to file ITR-4.
Remember following points while computing profits under presumptive taxation basis;
1)Your Net Income is estimated to be 8% of the gross receipts of your business.
2)You don't have to maintain books of accounts of this business.
3)You don't have to pay Advance Tax for such a business.
4)You are not allowed to deduct any business expenses against the income.
5) You must be a Resident in India.
6) This scheme is allowed to an individual, a HUF or a partnership firm. It is not available to a Company.
But this method of income computation is NOT applicable to:
a)Income from commission or brokerage
b)Agency business
Business of plying, hiring or leasing goods carriage (see section 44AE)
c) Professionals

ITR 4S ia applicable only for income of presumptive basis.For Professional and those who have compulsory to maintain books ITR4 is compulsory.