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head of professional recpt in itr 4

priyatambika ( ca final student) (323 Points)

31 August 2018

where to show professional rcpt in itr 4??

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Sarath Chandra (CA Final Student) (566 Points)
Replied 31 August 2018

Hi Priyatambika,
Income from profession has to be declared u/s 44ADA.

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priyatambika ( ca final student) (323 Points)
Replied 31 August 2018

so it will too get 50% taxable ?? and balance 50% expenses allowed ?? is not it ??

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 31 August 2018

YES 50% RECEIPT IS TREATED AS INCOME AS BALANCE U CAN CLAIM EXPENSES U/S 44ADA

Sarath Chandra (CA Final Student) (566 Points)
Replied 31 August 2018

Yes. Minimum 50% of the receipts are presumed to be the income from such profession.

CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 31 August 2018

BUT REMEMBER ONCE OPTED THEN U ARE BLOCK TO FILE THE ITR UNDER PRESUMPTIVE FOR 5 YEARS

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priyatambika ( ca final student) (323 Points)
Replied 31 August 2018

@ naveen chand... is it really so ??? but as far i know if itr 3 is chose over presumptive income itr 4, then assessi cannot file itr 4 for 5 years ? please correct me if i am wrong....

Sarath Chandra (CA Final Student) (566 Points)
Replied 31 August 2018

You are right Priyatambika. If an assessee opts for presumptive taxation in a PY and for the subsequent PYs he opts out of such presumptive taxation, then he cannot opt for presumptive taxation scheme for the next consecutive 5 PYs.

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CA Naveen Chand (Chartered Accountant) (12729 Points)
Replied 31 August 2018

u r blocked for 5 years

priyatambika ( ca final student) (323 Points)
Replied 31 August 2018

but as @ sarath Chandra is saying .. I am not blocked for 5 years..

Sarath Chandra (CA Final Student) (566 Points)
Replied 31 August 2018

@ priyatambika Naveen Chand is saying that if you file ITR3 now, then you are blocked to file ITR4 for 5 years.
He is in consensus with our discussion and is as per the provisions of the Act.
@ NaveenChand is talking about the blocking w.r.t Presumptive taxation but not w.r.t General provisions of Business income.

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priyatambika ( ca final student) (323 Points)
Replied 31 August 2018

ok.. I understood ..

@ sarath Chandra , can you tell me that if itr 4 can be substituted with itr 3 by revising the return ??

Sarath Chandra (CA Final Student) (566 Points)
Replied 31 August 2018

@ Priyatambika

No. ITR4 cannot be replaced by filing ITR3. The system doesn't allow you to file an other form of return for the same AY.

Instead, if you want to furnish the details of profit & loss account and balance sheet, you can file a revised ITR4 (presumptive) by mentioning the finanical particulars of the business (available at the bottom of the schedule) in Schedule NOB BP.

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priyatambika ( ca final student) (323 Points)
Replied 31 August 2018

MEANS VALUES OF B.S CAN BE CHANGED ??

Sarath Chandra (CA Final Student) (566 Points)
Replied 31 August 2018

You can enter the BS values as on 31st March 2018 which you feel are correct. You are filing revised return, so you can change the values reported in the earlier return. Make sure all the values entered in the revised return are correct as you cannot revise it again and again.