applicability of itr 4 / 4S

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2011 Can I file ITR 4 For an Assessee whose gross receipts is less than 60 lacs, but profits showing higher than 8% ???

Will that still be considered as presumptive business u/s 44AD or will be treated as normal business ???

what about the assessee who are not specified professional ???

Ravikant

Ravikant (Expert)
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04 July 2011 Sec 44AD is a different Scheme in its place,
If u opt for Sec 44AD then normal provisions will not apply

If you don't opt it, then normal provisions will apply automatically,
u can file ITR 4 under normal circumstances

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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05 July 2011 1. U can't file ITR 4 if turn over is less than Rs.60 lacs and profit is more than 8%. In other words ITR 4S should be filed with more than 8% profit.
2. In the above scenario , assessee will be treated as doing presumptive business.

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Querist : Anonymous

Querist : Anonymous (Querist)

05 July 2011 If an assessee is maintaining the books of accounts and is showing profit more than 8%, then can't he file ITR 4 ???