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Itr 4s

Praveen (Consultant) (151 Points)

10 May 2017

Is it mandatory to show 8% income on itr 4 (AY 17-18). because turnover is 9,00,000 and income is 2,70,000 (35% of gross receipts). now can i file itr 4 ?

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7 Replies

CA Rashmi Gandhi (Chartered Accountant) (86495 Points)
Replied 10 May 2017

You have to show minimum 8% income.So you can file return u/s 44AD by showing higher income.

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manoj (student) (5205 Points)
Replied 10 May 2017

8% is for other transaction

6% is for digital transaction

you can show higher amount as you want

3 Like

CA Rashmi Gandhi (Chartered Accountant) (86495 Points)
Replied 10 May 2017

Thanks to correct manoj

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CA Raj Doshi (Practising CA) (8944 Points)
Replied 10 May 2017

What if we show 8% only and not 35% ?
Assuming books of accounts are prepared but we op for no account case in it return. is it fine if we show Rs180000 as profit from business and file I. t.return. And the detailed profit and loss contains profit of 3.5 lacs. What could be possible issues ?

CA Rashmi Gandhi (Chartered Accountant) (86495 Points)
Replied 10 May 2017

No issue at all.You can do so

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CA Raj Doshi (Practising CA) (8944 Points)
Replied 10 May 2017

Can a CA certify such profit and loss Account having Rs.350000 profit accompanied with Income tax return Rs.180000 ? What care should be taken while signing such accounts ? Eg. All these have to submitted to bank for loan purposes. Any specific report on the letterhead of CA ? Any note on the financials ?