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Itr selection

Avinash Singh (Article) (69 Points)

24 April 2016

please provide me assistance a person having a photography business can he file an ITR 4s or ITR 4

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4 Replies

CA Prashant Hegde (Chartered Accountant) (266 Points)
Replied 24 April 2016

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.

CA Prashant Hegde (Chartered Accountant) (266 Points)
Replied 24 April 2016

Under 44AD one has to declare minimum 8% profit.
And under form ITR 4 you have to declare all income and expenses in P&L format and Balance sheet too.

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 24 April 2016

file itr 4S if you are not liable to tax audit

Kaushik Joshi (Practising Chartered Accountant) (1527 Points)
Replied 25 April 2016

Dear Avinash Singh,
Section 44AD is not applicable to professionals upto March 2016. However for the type of business mentioned by you, if any specific qualification is required then he's assumed to be a professional. But as far as my view is concerned, I'd say file under itr 4s and assume 44ad is applicable.