Regarding itr form query ??
This query is : Resolved
27 February 2014
Hello Experts,
I would like to know whether an Assessee (Properitor)opting Sec 44AD file ITR 4 Return ( Net Profit Ratio @ 23.3%)
Thank You..
I would like to know whether an Assessee (Properitor)opting Sec 44AD file ITR 4 Return ( Net Profit Ratio @ 23.3%)
Thank You..
27 February 2014
well if you have other incomes, any brought forward losses etc, then why not. you should use ITR4S.
otherwise, there is no benefit of using ITR4
otherwise, there is no benefit of using ITR4
27 February 2014
But if i dn't want to opt for Sec 44AD; then i can go for ITR-4..??
Shall i need to maintain Books of Accounts if Gross Recipts is Rs 12 Lacs in the FY..?
Shall i need to maintain Books of Accounts if Gross Recipts is Rs 12 Lacs in the FY..?
27 February 2014
But i want understand one thing that..if i show 22.5% of Net Profit why can't i file ITR-4..??
ITR-4S is restricted to 8% only?
ITR-4S is restricted to 8% only?
28 February 2014
No you cannot file ITR 4
28 February 2014
Section 44AD is applicable if the following conditions are satisfied:
1. Assessee is an individual, HUF or firm.
2. Assessee is NOT a professional, NOT carrying on agency or commission business.
3. The gross receipts/ turnover DOES NOT exceed Rs. 1 crore.
4. Assessee shows a MINIMUM profit of 8% of the gross receipts/turnover.
The requirement is to show MINIMUM 8%. Assessee can show HIGHER profit also.
In your case you CAN file ITR 4S and show higher profit.
1. Assessee is an individual, HUF or firm.
2. Assessee is NOT a professional, NOT carrying on agency or commission business.
3. The gross receipts/ turnover DOES NOT exceed Rs. 1 crore.
4. Assessee shows a MINIMUM profit of 8% of the gross receipts/turnover.
The requirement is to show MINIMUM 8%. Assessee can show HIGHER profit also.
In your case you CAN file ITR 4S and show higher profit.
28 February 2014
if you want to maintain books and show profits more than 8%, then you can use ITR4.
28 February 2014
Dear Nikhil, ITR 4 will be applicable only when the profits shown are LESS than 8%. It is not applicable if turnover is less than Rs. 1 crore and profit is shown MORE than 8%.
This is evident from the fact that Section 44AD starts with
"Notwithstanding anything to the contrary contained in sections 28 to 43C...."
It over rides the general provisions. The general provisions will be applicable only when conditions of Section 44AD are NOT satisfied.
This is evident from the fact that Section 44AD starts with
"Notwithstanding anything to the contrary contained in sections 28 to 43C...."
It over rides the general provisions. The general provisions will be applicable only when conditions of Section 44AD are NOT satisfied.
03 March 2014
Agreed with siddarth's view in this case.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Import license renewal
- Credit profit and loss account in case of bonus share received
- How to determine cost of acquisition of shares on De-merger or Merger
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
