Return file itr-4s

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SUDHIR GARG (Querist)
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30 May 2012 Can we show more than 8% profit from B&P in ITR-4S.
i have turnover for rs. 7,00,000 and my profit is 1,78,000 than whether should i file ITR-4 or ITR-4S.

CA Harish Suwalka

CA Harish Suwalka (Expert)
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30 May 2012 if you wish to show income on presumption basis than you should file return in ITR-4S

you can show more than 8% net profit, and pay tax accordingly...

CA SHAH DILEEPKUMAR

CA SHAH DILEEPKUMAR (Expert)
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30 May 2012 You can show profit more than 8 % and file ITR- 4S to get other immunity by mere filing limited details

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SUDHIR GARG

SUDHIR GARG (Querist)
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30 May 2012 thnx for your kind rply....... and will i have to maintain books of a/c's u/s 44AA.

CA Harish Suwalka

CA Harish Suwalka (Expert)
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30 May 2012 if you file return in ITR-4S declaring return on presumptive basis than there is no need to maintain books of accounts.

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SUDHIR GARG

SUDHIR GARG (Querist)
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31 May 2012 Thanx mr. Harish but sec. 44AA said that if profit is more than 120000 in three precedng year than books of a/c's have to be maintained. please guide me

CA Harish Suwalka

CA Harish Suwalka (Expert)
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31 May 2012 read clause no (iii) of that section

SUDHIR GARG

SUDHIR GARG (Querist)
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31 May 2012 i am not getting this clause......can you please explain

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CA Harish Suwalka

CA Harish Suwalka (Expert)
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31 May 2012 the essence is that one need not to coply with sec 44AA if he compiles with the 44ad

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