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ITR4 or ITR4S

Dibyendu (Consultant) (162 Points)

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.

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3 Replies

Saurabh Aggarwal (Chartered Accountant) (371 Points)
Replied 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

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Harpreet (* * * * * *) (1670 Points)
Replied 25 May 2011

agreed with Mr. Saurabh

Dibyendu (Consultant) (162 Points)
Replied 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.