A person has a small medical shop having annual turnover of 5 - 6 lakhs. Its a proprietrship busniess. Do he need to file his return in ITR 4 or ITR 4S.
Menu
Return filing form
Replies (4)
The assessee may file his return in itr4s by declaring profit u/s 44D OR if the books of account has been prepared and the profit is more than 8% u/s 44AD than he can file in itr4.
Agree with Naveesh
But sir
Declaring Profit more than 8% and books of account not prepare in this time itr4s or itr4 file????
Dear according to Sec 44D you may declare profit of more than 8% and ITR form 4S should be filed but if u want to declare profit of less than 8% than you have to maintain books of account and get thm audited.
According to your query you are not preparing books of accounts and your Net profit is more than 8% of total receipt than you have to file FORM 4S
Recent Topics :
- Practical queries on buy back of shares
- Any faculty recommendations for latest batch recor
- FAI & FAST-DS 2026 query
- Is GST registration mandatory in this case
- Buying a residential flat in Goa: should my wife b
- Income tax filling
- Applicability of RCM in the case of import of serv
- Confusion in gst registration for service category
- Itc claimed from return defaulters
- Gst input credit
Related Topics :
CAclubindia
