21 March 2012
I have sale of 40 lac rupees and my net profit is above 8%.I have been maintaining books u/s 44aa and filing ITR4 WITH regular books of account maintained till ass.yr 2010-2011. can i opt for ITR 4S for a.y. 2011-2012 as it has no advance tax liability and my tax is above 10000 rupees ?
Since total turnover of your business does not exceeds Rs. 60 lacs you are eligible to opt presumptive scheme..In your case i would advice you to opt the same as it would save your Interest also.
CAclubindia
