Problem regarding filing of itr 4

ITR 1459 views 4 replies

hi i am working in sahara where i earn commission.

i am filing ITR 4 but i am not sure how to file it.

i have earned Rs 430000/- in FY 2011-12 and on which Rs 43000/- has been deducted.

i just wanna know that how to file ITR 4 where i can show my business expenses.

Also can i show my house rent under deduction in chapter VIA. and what else i can show in Chapter VIA.

also in ITR 4 ther is Part A - P&L where in this if find "NO Account Case". so what will be my gross profit in Rs 430000/-

and how much expenses i can show here.

just guide me so that i can claim my all refund.

 

thanks 

Replies (4)

yes u r rite. u will hv to file itr 4..... u cannot claim rent paid as deduction under 6a... but i think it can be shown as an expense in p/l if its related to ur work.... in 6a u can show ur invesments in life ins, medical ins, ppf, tution fees of ur childrenin school etc.... and ur case doesnt fall under no accounts... its compulsory for u to maintain accounts under 44aa.. and as regards expenses, u can show all those expenses which r related to ur commission business, for eg ur travelling expense, stationary, rent etc.............. and ya if u hvnt maintained any accounts then simply file itr4 for the time being by keeping the above mentioned things in mind and hope ur case doesnt get into scrutiny (90% of times scrutiny won't happen)... but for future, do maintain books of accounts...

U shall be eligible for presumptive taxation u/s. 44AD wherein you can show a flat profit of 8% and there is no need to maintain any books of acts also. so U can fill the ITR 4 accordingly, do not fill P/L A/c or balance sheet. But when u have presumptive income u will not be able to claim any deduction u/ chpt VI A. accordingly u will be eligible for refund.

hi bhavi......... its compulsory to maintain accounts under sec 44aa which says books hv to be maintained if net profit from services exceed 120000 or may be its 150000 presently

and moreover if 44ad is invoked then also books hv to be maintained in this case,,, bcoz if ur net receipts r less than 120000/150000 due to 44ad, then too u hv to maintain books........ do look for details of 44aa


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