10 October 2014
We are a Retail traders involved in multiple commodities business, and having a Turnover of below 1 crore. Non tax Audit case.
For the FY 2013-14 , we have uploaded ITR 4 Return well within due date thereby declaring a profit of 4 Lac as Business income along with Balance sheet and profit and Loss account. But still we have not sent ITR 4 to CPC.
Now we want to opt for Presumptive taxation and declare our profit @ 8 % and want to file ITR 4S.
question 1. can we Revised the ITR from ITR4 to ITR 4S and opt for presumptive basis. 2. Can we claim and set off House property loss with Business Income opted under Presumptive basis.
CAclubindia
