SO .. IT means while filling itr 4 only profit (50%)... but what there is loss in first yr due to various expenses.... even in this case itr 4 can be filled ??
priyatambika
( ca final student)
(323 Points)
Replied 31 August 2018
SO .. IT means while filling itr 4 only profit (50%)... but what there is loss in first yr due to various expenses.... even in this case itr 4 can be filled ??
Sarath Chandra
(CA Final Student)
(566 Points)
Replied 31 August 2018
As the provision says presumptive income shall not be less than 50% of the total receipts. This implies that one cannot report loss under presumptive taxation. In order to report a loss, one should opt out of presumptive taxation scheme.
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)