CA IN SERVICE
61 Points
Joined August 2012
ITR 4S is only for small Business where the total sales/turnover/gross recipts (business) is .
upto Rs 60 Lack
Income from such business is calculated on Presumtive basis i.e 8% of total sales/Turnover/Gross recipts from BUSINESS & no further expensess can be claim U/S 30 to 43 except remunaration to partner in case of P'ship firm
It is also applicable to sec 44AE,44B,44BBA presumtive income