ITR4 Or ITR4S

Please Give Me clearance on this 

Thank to every one.........

jewellary trading can not be taken to Presumptive Income Head. so for that profit you should File ITR-4.

Originally posted by : gaurav rana
	jewellary trading can not be taken to Presumptive Income Head. so for that profit you should File ITR-4.

sorry i was wrong. From now Every business are covered u/s 44AD except businees Covered u/s 44AE. So jewellary businees can also be taken to  presumptive income head.

if income is within limit of audit then it may filed on presumptive basis and for which itr4s is used

as Per new amendment AY2011-12 of  Sec 44AD If Gross T/o is not More than Rs 60,000 than he may file return on Presumptive basis and also not required to maintain the books of a/s

@ VIpul Patel..

Gross T/o not more than Rs. 60000/- ???? 

can you plz tell us more on this? when this rule is issued and kindly give us some more detail ... 


:)

if Want know delail about this than pls follow bellow link

/articles/critical-analysis-of-section-44ad-9048.asp

@ VIpul Patel

I had seen this topic, but i didn't found even "60000" written some where.
can you plz copy and paste

thank you

:)

How to calculate limit of 60 lakhs?

•         The Total Turnover and Gross receipts should be less than 60 lacs in the previous Year.

•         It includes all the eligible businesses carried on by a eligible assessee during the previous year and the 60 lakhs will be for all of them cumulatively.

Few Examples:

1.      X, A Resident individual, is carrying on three eligible business, the turnover of which is as under :

•         Business A ( Manufacturing) Rs. 25 Lac

•         Business B( Trading) Rs. 15 Lac

•         Business C ( Service) Rs. 25 Lac

   Whether section 44AD applicable on him?

The Answer is NO because turnover of eligible business exceed Rs. 60 Lakhs.