44 ad - income tax -- very very urgent
This query is : Resolved
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
-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
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
2.Use ITR-4S
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.
ii) Infructuous in view of (i) above.
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 ?
Then which ITR to file - ITR 4 or ITR 4S ?
16 March 2013
If assessee is an individual, ITR 4S can be used.
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