I.t.r 4
This query is : Resolved
30 May 2012
PLEASE HELP ME TO THE FOLLOWING, WHILE FILING THE I.T.R. 4
1. ARE YOU LIABLE TO MAINTAIN ACCOUNTS AS PER SECTION 44AA ? OR WHEN APPLICABLE U/S 44AA
2. METHOD OF ACCOUNTING EMPLOYED IN THE PREVIOUS YEAR OR WHAT IS MERCANTILE / CASH
PLEASE HELP ME
1. ARE YOU LIABLE TO MAINTAIN ACCOUNTS AS PER SECTION 44AA ? OR WHEN APPLICABLE U/S 44AA
2. METHOD OF ACCOUNTING EMPLOYED IN THE PREVIOUS YEAR OR WHAT IS MERCANTILE / CASH
PLEASE HELP ME
30 May 2012
1. Section 44AA requires an assessee to maintain books of accounts in the following cases:
(a) Person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration have to maintain books of accounts.
(b) Other persons have to maintain books of accounts if income from business or profession exceeds Rs. 1,20,000 in any one of the three preceding years.
2. Mercantile/Cash Basis
(a) Cash basis of accounting means recording incomes and expenses on receipt or payment basis, as the case may be.
(b) Mercantile basis of accounting means recording expenses and income on accrual basis, i.e., when the expense is incurred or bill is raised, or payment made/received, whichever is earlier.
(a) Person carrying on legal, medical, engineering or architectural profession or the profession of accountancy or technical consultancy or interior decoration have to maintain books of accounts.
(b) Other persons have to maintain books of accounts if income from business or profession exceeds Rs. 1,20,000 in any one of the three preceding years.
2. Mercantile/Cash Basis
(a) Cash basis of accounting means recording incomes and expenses on receipt or payment basis, as the case may be.
(b) Mercantile basis of accounting means recording expenses and income on accrual basis, i.e., when the expense is incurred or bill is raised, or payment made/received, whichever is earlier.
30 May 2012
lot of thanks to u sir.
30 May 2012
You are welcome. you should use the thanks button to convey your thanks.
30 May 2012
when a individual/contractor having a proprietory business then what for to be used I.T.R 4 OR 4S
OR WHAT IS THE DIFFERENCE BETWEEN ITR 4& 4S
PLEASE REVERT
OR WHAT IS THE DIFFERENCE BETWEEN ITR 4& 4S
PLEASE REVERT
31 May 2012
ITR 4s for deemed income
ITR 4 other than deemed income
ITR 4 other than deemed income
31 May 2012
ITR 4S is for an assessee who falls within the perview of Section 44AD.
In case of a trader, he should fulfill the follwoing conditions:
1. He should be an individual, HUF or firm (but not a LLP).
2. His turnover must not exceed Rs. 60 lakhs (1 crore w.e.f AY 13-14).
3. He should declare income @ 8% of the turnover.
In case of a trader, he should fulfill the follwoing conditions:
1. He should be an individual, HUF or firm (but not a LLP).
2. His turnover must not exceed Rs. 60 lakhs (1 crore w.e.f AY 13-14).
3. He should declare income @ 8% of the turnover.
31 May 2012
dear siddhartha sir,
in my case: the said individual is a electrical contractor who has a proprietory company and does not maintain any office for books of accounts
then what form should i use i.t.r 4 or 4s ?
please answer
in my case: the said individual is a electrical contractor who has a proprietory company and does not maintain any office for books of accounts
then what form should i use i.t.r 4 or 4s ?
please answer
31 May 2012
If his gross receipts do not exceed Rs. 60 lakhs, you can use ITR 4S and declare income at 8% of gross receipts.
31 May 2012
in ITR 4s what for 44AE ? is it left blank for the said electrical cotractor's return
31 May 2012
Section 44AE has to be left blank. It is for transporter.
You have to fill details in Section 44AD.
You have to fill details in Section 44AD.
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