My client got his accounts audited last year. This year he wants to fill up ITR4 and to pay tax on 8% income. Is it possible??
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Replies (10)
Quick Summary
This discussion clarifies whether a client can file ITR4 and opt for presumptive taxation at 8% after having their accounts audited in the previous year. The consensus is that it's possible, provided the previous year's audit was not under Section 44AB(e) of the IT Act. It's also noted that if a tax audit was applicable, TDS provisions must be complied with, though presumptive taxation can still be chosen.