Itr-4s
This query is : Resolved
29 August 2013
Dear Sir,
I have filled ITR-4S for last AY 11-12 & AY 12-13 on behalf of my client who has less than 60 lakhs turnover in proprietorship business.
May I fill ITR-4 in AY 13-14 as the turnover less than 60 lakhs (not maintaining books of accounts) ?
I have filled ITR-4S for last AY 11-12 & AY 12-13 on behalf of my client who has less than 60 lakhs turnover in proprietorship business.
May I fill ITR-4 in AY 13-14 as the turnover less than 60 lakhs (not maintaining books of accounts) ?
29 August 2013
In this case ITR 4S is applicable for AY 13-14, since the turnover is less than Rs. 60 lakhs.
30 August 2013
If the assessee has any income from any other business or income from partnership firm for the AY 2013-14, then what will be the return form ?
30 August 2013
If in addition to the income from his business, assessee also has other income, then also ITR 4 will be filed.
30 August 2013
So, sir, I think it's not compulsory to file ITR-4S for the AY 2013-14 yet he filled ITR-4S for the AY 12-13.
Now may I go for ITR-4 as the assessee has any other incomes ?
Now may I go for ITR-4 as the assessee has any other incomes ?
02 August 2024
Yes, you can file ITR-4 for the Assessment Year (AY) 2013-14 if the assessee has any income from sources other than the business with turnover less than ₹60 lakhs. Here's a detailed breakdown:
### **ITR-4S vs ITR-4:**
**1. **ITR-4S (Sugam):**
- **Eligibility:**
- Applicable for individuals, Hindu Undivided Families (HUFs), and businesses (other than companies) with a turnover up to ₹60 lakhs.
- Businesses that do not maintain books of accounts and wish to opt for the presumptive taxation scheme under Section 44AD, 44AE, or 44AF.
- **Income Types:**
- Presumptive income from business under Section 44AD (small businesses), 44AE (transport businesses), and 44AF (retail businesses).
- Income from other sources, but the form is simplified and primarily for presumptive taxation.
**2. **ITR-4:**
- **Eligibility:**
- Applicable for individuals, HUFs, and businesses (other than companies) who have opted for presumptive taxation under Section 44AD, 44AE, or 44AF.
- Can also be used if the assessee has additional income from other sources.
- **Income Types:**
- Income from business or profession (other than under presumptive taxation).
- Income from partnership firms.
- Other income such as capital gains, rental income, etc.
- **Features:**
- More detailed than ITR-4S and allows reporting of various types of income and expenses.
### **For AY 2013-14:**
1. **Turnover Less than ₹60 Lakhs:**
- If the business turnover is below ₹60 lakhs and the business income is under presumptive taxation (Section 44AD, 44AE, or 44AF), you can file ITR-4S.
- If the assessee has any additional sources of income (e.g., partnership income, capital gains), or if the business is not covered under presumptive taxation, you should file ITR-4.
2. **Other Income Sources:**
- **Income from Partnership Firm:**
- Report in ITR-4 under the "Income from Partnership Firm" section.
- **Other Income:**
- Report other incomes like capital gains, rental income, etc., in the respective sections of ITR-4.
### **Summary for AY 2013-14:**
- **ITR-4:** Use if:
- The assessee has income from a business or profession not covered under presumptive taxation.
- The assessee has additional income such as from partnership firms, capital gains, etc.
- **ITR-4S:** Use if:
- The business income is under presumptive taxation and there is no additional income from other sources.
### **Action Steps:**
- **Assess the Total Income Sources:** Determine all sources of income, including business, partnership, capital gains, etc.
- **Choose the Correct Form:**
- **ITR-4:** If there is additional income apart from presumptive business income or if books are maintained.
- **ITR-4S:** If the business income is under presumptive taxation and no other income is reported.
By correctly identifying all sources of income and choosing the appropriate form, you can ensure accurate and compliant tax filing. If needed, consult with a tax professional for guidance specific to your client's situation.
### **ITR-4S vs ITR-4:**
**1. **ITR-4S (Sugam):**
- **Eligibility:**
- Applicable for individuals, Hindu Undivided Families (HUFs), and businesses (other than companies) with a turnover up to ₹60 lakhs.
- Businesses that do not maintain books of accounts and wish to opt for the presumptive taxation scheme under Section 44AD, 44AE, or 44AF.
- **Income Types:**
- Presumptive income from business under Section 44AD (small businesses), 44AE (transport businesses), and 44AF (retail businesses).
- Income from other sources, but the form is simplified and primarily for presumptive taxation.
**2. **ITR-4:**
- **Eligibility:**
- Applicable for individuals, HUFs, and businesses (other than companies) who have opted for presumptive taxation under Section 44AD, 44AE, or 44AF.
- Can also be used if the assessee has additional income from other sources.
- **Income Types:**
- Income from business or profession (other than under presumptive taxation).
- Income from partnership firms.
- Other income such as capital gains, rental income, etc.
- **Features:**
- More detailed than ITR-4S and allows reporting of various types of income and expenses.
### **For AY 2013-14:**
1. **Turnover Less than ₹60 Lakhs:**
- If the business turnover is below ₹60 lakhs and the business income is under presumptive taxation (Section 44AD, 44AE, or 44AF), you can file ITR-4S.
- If the assessee has any additional sources of income (e.g., partnership income, capital gains), or if the business is not covered under presumptive taxation, you should file ITR-4.
2. **Other Income Sources:**
- **Income from Partnership Firm:**
- Report in ITR-4 under the "Income from Partnership Firm" section.
- **Other Income:**
- Report other incomes like capital gains, rental income, etc., in the respective sections of ITR-4.
### **Summary for AY 2013-14:**
- **ITR-4:** Use if:
- The assessee has income from a business or profession not covered under presumptive taxation.
- The assessee has additional income such as from partnership firms, capital gains, etc.
- **ITR-4S:** Use if:
- The business income is under presumptive taxation and there is no additional income from other sources.
### **Action Steps:**
- **Assess the Total Income Sources:** Determine all sources of income, including business, partnership, capital gains, etc.
- **Choose the Correct Form:**
- **ITR-4:** If there is additional income apart from presumptive business income or if books are maintained.
- **ITR-4S:** If the business income is under presumptive taxation and no other income is reported.
By correctly identifying all sources of income and choosing the appropriate form, you can ensure accurate and compliant tax filing. If needed, consult with a tax professional for guidance specific to your client's situation.
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