Gross receipts in itr 4

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

16 March 2012 Dear sir,
I am going to opt itr4 for AY 2011-12 as no account case. My return details are as follows.
U/s 44 AD - Gross receipts Rs. 4030194/- and net profit @ 8% is Rs. 322520/-.
U/s 44 AE - total receipts of two heavy trucks are 122000/- and I am going to show whole of Rs. 122000/- as net profit U/s 44AE.
What should I mention in Col 51a of Part P&L
If I mention the gross receipts in col. 51a of Part P&L in itr4, the total of 4030194/- + 122000/- = 4152194/-
Please advice me
Thanks and regards.

Guest

Guest (Expert)

17 March 2012 First of all the assessee needs to maintain books of accounts mandatorily under section 44 AA. Default in compliance of above provision will attract penalty. And secondly you need to file return using form 4S not 4. In ITR 4S both business are to be seperately.

Querist : Anonymous

Querist : Anonymous (Querist)

17 March 2012 but, I also have agriculture income and there is no column of agriculture income in excel itr4S.

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C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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17 March 2012 You can file ITR 4. In case of business income with turnover below the limit can file ITR 4. In ITR 4 there is provision for income with accounts and income without accounts. If you are not maintaining books then you fill up the columns of no accounts maintained. In this case you need up load your Balance Sheet and profit and loss account. If you fill up both accounts and non accounts then the computer shall make the assessment on double the income. So take precaution and file ITR 4

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