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.
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
agreed with Mr. Saurabh
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.
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