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ITR applicability

vinni (article assistant) (45 Points)

14 October 2011

i want to file return for a milk distributor under presumptive income of section 44af for fy 09-10 .In 10-11 i know itr 4s is applicable but what abt for 09-10 which itr is applicable?????????????? if i file itr 4 then i have to provide b/s as well as P&L and in presumptive taxation we don't have to provide such details as we don't maintain books of a/cs so what needs to e done

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9 Replies

amit jain (Chartered Accountant) (532 Points)
Replied 14 October 2011

you need to file ITR4 for A.Y.2010-11

vinni (article assistant) (45 Points)
Replied 14 October 2011

Originally posted by : vinni
	i want to file return for a milk distributor under presumptive income of section 44af for fy 09-10 .In 10-11 i know itr 4s is applicable but what abt for 09-10 which itr is applicable?????????????? if i file itr 4 then i have to provide b/s as well as P&L and in presumptive taxation we don't have to provide such details as we don't maintain books of a/cs so what needs to e done

Mihir (Wealth Manager) (5293 Points)
Replied 14 October 2011

ITR 4s not available for AY 2010-11, so the likely option is filing ITR4. B/s and P&L is required to be prepared but it is only one time preparation. Then you can continue filing under ITR 4s.

hitesh (Telecom Industry) (169 Points)
Replied 14 October 2011

please note that tax under presentive section can be be filed only if you are not liable to tax audit. Please keep that in mind. In csae of F.Y. 09-10 being an audit case, u will be liable to penlaty as well..

shubhani jain (CA) (102 Points)
Replied 14 October 2011

Dear vinni,

by assuming that you have knowledge of section 44 AF for fy- 09-10 i.e. ay-10-11, and the same is applicable to milk distributor's case, my advice is that, ITR-4 should be filed in this case. Return has the additional coloumns for filling the information where balance sheet and profit & loss account are not required to be maintained.

CA VISHAL RANA,CS,B.Com,AMFI (Chartered Accountant in Whole Time Practice) (4354 Points)
Replied 14 October 2011

itr-4 is relevent for filling the return of milk distributor....because it is treated as income from dairy farming..which is business income

Shashi Bhushan (Learner, Jalandhar) (996 Points)
Replied 14 October 2011

itr 4 is applicable. but no need to fill balance sheet and profit and loss. just tick No account case. you will have to fill the following:

total sales
direct expenses
gross profit
expenses
net profit
cash in hand

CA. Manish Chandarana (Practising CA) (100 Points)
Replied 16 October 2011

ITR 4 is applicable but no need to fill balance sheet & profit n loss details. Just fill d short summary like sundry debtors, sundry creditors, stock, cash balance, Gross Receipts/Turnover, Gross profit Total Exp.& Net Profit in ITR 4.