Hi.........
ITR 4S is for those assessees who are covered by Section 44AD and Section 44AE.
As per Section 44AE we are required to do follwoing :
say,
we have commercial vhicles - 2 for 12 months then our deemed income be 5000 p.m. would be 120000.
My problem is , whether we are required to show net profit to compare above value at the time filing ITR 4S even though we are not maintaining books of accounts?
If the assessee is not maintaining books of accounts then the profit is uncertainable then how we can show the profit as per profit and loss accoint?
Thanks in advance..........
CAclubindia
