30 July 2011
I have contract business.which form I use for return file. my estimated income is more than 8% of gross receipt, profit margin is around 35%. but i have not maintain any books of accounts .
it is mandatory to me file ITR-4S ? can i file ITR 4 for contractor business
30 July 2011
Being an previleged assessee, you have been told to travel by Air Route (ITR 4S), but still you are opting for a Tata Sumo drive (ITR4).
It can be presumed that you are having extra luggage like -income from more than 1 property, Capital Gains income etc. then only we can prefer the later option of ITR 4.
Otherwise Air Route saves time and makes the journey a pleasant experience.
30 July 2011
Why you wish to go into TYPICAL MODE OF FILING RETURN ITR 4 when ITR 4S is applicable to you if your turnover is less than Rs. 60 lacs.
.
Show higher profits and pay taxes accordingly. There is no restriction to show higher profits for cases covered u/s 44AD.
.
TAX PLANNING HINT :
.
Better see the past history of your returned income on the basis of Turnover and then take a right decision how much profits to be declared.
.
Once you declare higher profits; it would be difficult to absorb by the Income Tax Authorities to accept lesser profits if you declare in future ( due to change in business scenario ).
.
You would be required to unnecessarily explain them that business circumstances are no more as before.