Save Rs 499. Go Ad-Free with CAclubindia Pro for 2 Full Years. Subscribe Now!

ITR4 or ITR4S

ITR Filing 2112 views 3 replies

Dibyendu

Consultant

162 Points Posted on 25 May 2011

Which case one can opt for ITR-4S, instead of ITR4?

Consider a case Mr. X has two source of income

Source 1: Salary - receives Form 16

Source 2: Use his own commercial car against a mothly hire contract. He receives monthly payment from Govt Office. Also receives TDS certificate against same PAN. TDS is deducted under 194C.

Mr X doest not maintain any profit loss statement or balance sheet.

Could anyone reply please.

Replies (3)

Saurabh Aggarwal

Chartered Accountant

376 Points Posted on 25 May 2011

Dear Dibyendu

In this case Mr X has to file ITR 4 & not ITR4S because ITR4S has to be filed in case of presumptive income only. If in a case there is income from salary as well as business & profession, the assessee has to file ITR4.

Since Mr X has not maintained proper books, he may use Column No 51 of the profit & loss A/c

Thanks & Regards

Saurabh Aggarwal

Harpreet

* * * * * *

1670 Points Posted on 25 May 2011

agreed with Mr. Saurabh

Dibyendu

Consultant

162 Points Posted on 26 May 2011

I fully not agree your comment 'ITR4S has to be filed in case of presumptive income only'. Here Mr. X can alsoshow "preasumtive income for other vehicle" along with income from salary. In this case ITR4S in more appropriate. Correct me if I am wrong.