Presumptive taxation (sec 44ada)
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 June 2018
Sir/ Ma'am,
I am a resident individual having 3 Residential House Properties in India out of which 1 is considered as self occupied and the other 2 are considered as "Deemed Letout Property". I am claiming professional receipts (which is under Rs. 50 Lakhs as per the the provisions) under section 44ADA (Presumptive Taxation) for F.Y. 2017 - 2018. While filing the form ITR - 4, I am getting the option to include only 1 Property either the "Self occupied Property" or the "Deemed Letout Property"
Can I file my Income Tax return under ITR - 4 for the abovementioned Financial Year ? If I am not eligible to file ITR - 4 then where is it mentioned in the Income Tax Act (Section?) or Rules?
Thanks in Advance.
I am a resident individual having 3 Residential House Properties in India out of which 1 is considered as self occupied and the other 2 are considered as "Deemed Letout Property". I am claiming professional receipts (which is under Rs. 50 Lakhs as per the the provisions) under section 44ADA (Presumptive Taxation) for F.Y. 2017 - 2018. While filing the form ITR - 4, I am getting the option to include only 1 Property either the "Self occupied Property" or the "Deemed Letout Property"
Can I file my Income Tax return under ITR - 4 for the abovementioned Financial Year ? If I am not eligible to file ITR - 4 then where is it mentioned in the Income Tax Act (Section?) or Rules?
Thanks in Advance.
09 June 2018
Yes... If You have more than one HP then You can't file ITR 4 as per Your above said query...
https://www.incometaxindia.gov.in/Supporting%20Files/ITR2017/Instructions/InstructionITR4_2017.pdf
https://www.incometaxindia.gov.in/Supporting%20Files/ITR2017/Instructions/InstructionITR4_2017.pdf
09 June 2018
please file ITR-3 and claim 44ADA therein itself.
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 June 2018
Sir,
After checking the ITR - 3 (F.Y. 2017-2018), I did not find any option to claim Presumptive Taxation (Sec 44ADA) in ITR - 3.
Can you please guide me in this regards.
Thanks.
After checking the ITR - 3 (F.Y. 2017-2018), I did not find any option to claim Presumptive Taxation (Sec 44ADA) in ITR - 3.
Can you please guide me in this regards.
Thanks.
11 June 2018
please refer the bottom of P&L and BS sheet. Also refer to the schedule BP
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