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Income tax

Suman Sarkar (Accountant) (124 Points)

29 August 2018

Can a firm file different types of ITR form for different FY? i.e. For FY-2016-17 ITR5 and for FY2017-18 ITR4?

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9 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 29 August 2018

Yes, but once presumptive assessment opted you have to maintain minimum profit margin for at least five years.

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Suman Sarkar (Accountant) (124 Points)
Replied 30 August 2018

Sir the company is a developer of the Residential building. They open different companies for the different projects. A whole project needs to complete 3-4 years. So in the last 2 years the sale of flats occur. so how we able to maintain a profit margin for 5 years?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 30 August 2018

First clarify whether it is company or partnership firm?

Suman Sarkar (Accountant) (124 Points)
Replied 30 August 2018

It is a Partnership Fim

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 30 August 2018

If profit margin cannot be maintained as per sec. 44AD, better to go with normal accounts maintained case, and file ITR5 with P&L accts & BS......

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Suman Sarkar (Accountant) (124 Points)
Replied 30 August 2018

The company filed ITR5 in previous AY but now filed ITR4 in this year. Is there any problem with this?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 30 August 2018

Once opted sec. 44AD, you will be required to declare minimum 6/8% profits for next 4 years, otherwise tax audit will be applicable...... no other problem...