1) Whether a Tax Consultant can file ITR4 for this A.Y 2013-14, if… Assessee is an individual or HUF, having… a) Total business turnover less than 1 Crore, b) Maintains his books of accounts regularly. c) Profits & gains from the business are not more than 8% of his total turnover. d) Net profit from the business is bellow basic maximum income tax exemption limit, i.e., Rs 2 Lakh and e) Agricultural Income is more than Rs 5 lakhs.
2) Whether an assesse or a Tax Consultant can file ITR5 for this A.Y 2013-14, if… Assessee is a partnership firm, having… a) Total business turnover less than 1 Crore, b) Maintains his books of accounts regularly. c) Profits & gains from the business are not more than 8% of his total turnover. d) Net profit from the business is bellow basic maximum income tax exemption limit, i.e., Rs 0 and e) Agricultural Income is more than Rs 5 lakhs.
You have ascertained that one should consider his gross taxable income.
But under clause (d) of section 44AB, it is given as...
44AB. Every person,— [(d) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44AD and he has claimed such income to be lower than the profits and gains so deemed to be the profits and gains of his business and his income exceeds the maximum amount which is not chargeable to income-tax in any previous year,] get his accounts of such previous year 67[***] audited by an accountant before the specified date...
Here instead of the word "gross taxable income" the word only "income" is written.
So
Whether assessee should take Agricultural income for this or not?
And
Scenario 1.
If agricultural income for this AY 13-14 is bellow Rs 2 Lakh.
Scenario 2.
If there is no any income other than above stated business income.
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