21 March 2022
If P&L A/c & B/s is prepared & having NP ratio say 12% ; then can we file ITR 4 i.e. presumptive income by declaring profit at 12%& that PL n BS can be submitted to the bank for loan purpose. ?? or we have to file ITR 3 only & cannot file ITR 4 ??
21 March 2022
You can file ITR 4 even if NP ratio is 12% . The minimum limit is 8%/ 6% as the case may be . However for presumptive taxation scheme (filing ITR 4) , turnover shall not exceed by 2 crores
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