Itr-4

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2014
Sir, one of my client wants to file ITR-4, of turnover of Rs.2 Crores
for the F.Y-13-14, in F.Y.12-13 he shows turnover of Rs.5 Lakhs only&
filed ITR 4S. Sir my query is, is it good to file ITR -4 of Rs.2 Crore
, and he wish to Pay tax of Rs.40000 only?

Sir, Kindly guide me in this situation should I file his tax audited
ITR-4 or not , also consider that he should not comes under any
problem in future.

vibhor

vibhor (Expert)
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03 May 2014 Your client is in shopping mood i think. That he wants to select Options among many. On a serious note, compute his actual turnover. If its above Rs.2cr, tax audit will apply. Compute business income from it & pay taxes accordingly. As an Auditor, you have to fulfill your duties both towards client & Revenue. So, advise him properly. After that, weather taxes are Rs.40,000/- or Nil, doesn't matter.

www.cavibhorjain.com

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Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2014 But sir, he deal mostly in cash, and he have not sufficient documents to compute his total turnover.

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vibhor

vibhor (Expert)
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03 May 2014 I hope he mantains Books of Accounts. If not, please make as soon & then you ll be able to calculate Turnover (whatever figure it is). But your clients view of showing turnover Rs. 2cr & opting 44AD is vague. Moreover, audit is compulsory in this case.

http://cavibhorjain.com/

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Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2014 Thanks Sir, for guidance

Querist : Anonymous

Querist : Anonymous (Querist)

03 May 2014 Thanks Sir, for guidance