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Which return itr4 or itr4s suitable?

ninadra (Others) (91 Points)

03 August 2014

I do software and web development business on my own (freelancing). Which type of return will be suitable for me ITR4 or ITR4S. I tried to fill through ITR4S but it is not allowing to enter business income by showing error message 'presumptive business income is necessary for ITR4S' . What does it mean ? Any help will be appreciated. Thanking you

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13 Replies

MAHESH GARG (AUDIT EXECUTIVE) (334 Points)
Replied 03 August 2014

Probably u r not filling in the Gross receipts and Presumptive income amounts in the SEction 44AD column of Sheet "Non BP"..

ninadra (Others) (91 Points)
Replied 03 August 2014

MG thanks for reply ..so should i use ITR 4

manoj (student) (5205 Points)
Replied 03 August 2014

ITR 4 WILL BE SUITABLE IN YOUR CASE

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 03 August 2014

itr 4 will be applicable in your case.

Anubhav (Chartered Accountant) (429 Points)
Replied 03 August 2014

Hi,

In case your turnover does not exceeds 1 crore, and income exceeds 8% of turnover- ITR 4S.

In case your turnover does not exceeds 1 crore, and income does notexceeds 8% of turnover - ITR 4. Due date to file any of above return will be 5th august 2014.

In case turnover exceeds 1crore, tax audit mandatory. Due date to file return will be 30th Sept,2014.

For any further query PM or mail me.

A J H & CO

anubhavjain @ ajhco.in

9868729930

Tushar Desai (Manager - Finance & Accounts) (834 Points)
Replied 04 August 2014

ITR 4s has an important Plus. Advance Tax is not applicable.

SUMIT ( ) (51 Points)
Replied 04 August 2014

dear anubhav

there is no such notification from income tax for the extention of due date..

if any so plz attach..

thanking you.

SUMIT ( ) (51 Points)
Replied 04 August 2014

dear ninad avasare

press OK to that notification on ITR 4S when you validiatate the return and this message just only remind about the presumptive basis return.

thanking you

Prabhaharan (Article Student) (67 Points)
Replied 05 August 2014

Hai friends,

I have one doubt in this ITR4S.. Suppose I want to file ITR and i having presumptive business income and also having Capital gain income . Which ITR i have to use??? ITR 4 or ITR 4S??

Suppose if i use ITR 4, there is no presumptive business coloumn to mention..And if i use ITR 4S, there will not be the Capital gain coloumn to discloure??

Which ITR i have to use??

Thanks in Advance

MAHESH GARG (AUDIT EXECUTIVE) (334 Points)
Replied 06 August 2014

Dear Ninad Avasare,

You can file ITR 4S if not liable to audit as per limit discussed by ANUBHAV.

However if u want to file ITR4 you can do so.

If u r havin any problm filing it u can send or upload ur ITR excel and then i can try to sort out the errors. u can pm me for that

1 Like

MAHESH GARG (AUDIT EXECUTIVE) (334 Points)
Replied 06 August 2014

Dear Prabhaharan

Since in ur case u have both business income as well as Capital Gain you need to file ITR4.

And there is suitable column available in ITR 4 for filling in the presumptive income:

Under No.34 in Schedule BP u can fill in your presumptive income detail.

1 Like

Tribhuvan Aditya Singh (Student as well as Self-employed) (3710 Points)
Replied 06 August 2014

@ prabhaharan... use itr-4.... in schedule-BP, there is section to fill your income under presumptive basis under sec 44AD.

1 Like

Alok A Bhavsar (CA Final Student) (82 Points)
Replied 06 August 2014

Hello Prabhaharan, U can use Itr 4 there is one sheet in tht tht shows computation of income from business where it has asked to mentioned tht whether profit includes incomes under section 44AD where u can show ur presumptive income