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.
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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
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