44 ad - income tax -- very very urgent

This query is : Resolved

Swati (Querist)
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16 March 2013 My client has in Asst Yr 11-12 :
-Business Income
-Turnover less than 60 lakhs

However if 8 % net profit is taken as per section 44 AD still it remains below taxable limit.

My Question :
1. Is 44 AD applicable in such a case.???
2. And in that case which ITR should should be filed- ITR 4 or ITR 4S ?????

Thanks in advance

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)
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16 March 2013 1.If the business is eligible as per 44AD then 44AD applicable even net profit below taxable limit.

2.Use ITR-4S

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 March 2013 i) If the assessee is an individual, no need to file the income tax return in view of section 44AD(1) read along with 139(1)(b).

ii) Infructuous in view of (i) above.

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Swati

Swati (Querist)
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16 March 2013 What if the actual net profit is above 8 % . The client is ready to declare higher net profit since he has to apply for Housing Bank Loan.

Then which ITR to file - ITR 4 or ITR 4S ?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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16 March 2013 If assessee is an individual, ITR 4S can be used.

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