08 September 2012
Assesse is Civil contractor and made turnover of Rs.51,00,000/- and also made loss in land Rs.2,40,500/- Short term capital loss. Then the assessee do not want to audit his accounts but filing his return accept 8% profit of turn over. So He file his return ITR - 4 accepting 8% profit.
07 October 2021
To avoid tax audit the income from contractor business should be declared under presumptive assessment with minimum 8% as deemed profit. Yes, ITR 4 was required to be filed.
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