I want file a ITR return in respect of the assessee having business income which is less than 1 crore as well as agricultural income in excess of Rs.5000. Can I file the business income under presumptive scheme by selecting ITR - 4 or I have to offer the business income as income from regular business (Not presumptive income).
28 June 2014
you shall still be covered under presumptive income. but you cannot file ITR-4S. You will have to file ITR-4 only as exempt income is more than Rs 5000.
28 June 2014
Thank you sir. My confusion was ITR 4S is applicable for presumptive scheme and ITR 4 is applicable for Individual and HUF having proprietory business income as is given in guidelines for ITR filing.
28 June 2014
actually the rule is that ITR4S is for presumptive income only if the "exempt income" is not more than Rs 5000. Otherwise presumptive income is also to be offered tax in ITR-4.
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