SHIRISH S S (Proprietor) (1030 Points)
24 May 2017I am having following income
1) Professional receipts less than 50 lakhs
2) Interest from savings bank, FD. mututual fund and NCD
3) Dividend from shares listed on NSE/BSE
4) Interest from PPF.
Housing Interest Principal and Interest i pay for one House.
Upto last year I used to file ITR-4.
This year whether i can file ITR-4S - presumptive professional income???
Thanks in advance
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166022 Points)
Replied 24 May 2017
Assuming professional receipts eligible (as per section 44AA) for assessment u/s. 44ADA, you can file ITR 4_Sugam (earlier ITR4S) this year.
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 24 May 2017
Thanks for your reply Mr Rambhia. Just wanted to know one thing.
Irrespective of % of profit last year -one can take advantage of presumptive rule. ??.
That is there is no preconditions attached to it I hope.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166022 Points)
Replied 24 May 2017
" rrespective of % of profit last year -one can take advantage of presumptive rule. ??. " YES.
"That is there is no preconditions attached to it I hope."
Only condition its eligibility as per turnover, and professional income as per section u/s. 44AA
(For resident individuals/huf/firm)
SHIRISH S S
(Proprietor)
(1030 Points)
Replied 24 May 2017
Thanks for your reply. Yes that means AO can call for books of accounts even though you have taken 50% .?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166022 Points)
Replied 24 May 2017
I think, you have not properly understood the concept.
Once the income is eligible for assessment u/s. 44ADA, and if you have declared 50% or more as taxable income, AO cannot ask for any books of accounts, except the verification of gross receipts (rarely).
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