Can a firm file different types of ITR form for different FY? i.e. For FY-2016-17 ITR5 and for FY2017-18 ITR4?
Suman Sarkar (Accountant) (124 Points)
29 August 2018Can a firm file different types of ITR form for different FY? i.e. For FY-2016-17 ITR5 and for FY2017-18 ITR4?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170617 Points)
Replied 29 August 2018
Yes, but once presumptive assessment opted you have to maintain minimum profit margin for at least five years.
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.)
(170617 Points)
Replied 30 August 2018
First clarify whether it is company or partnership firm?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(170617 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......
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.)
(170617 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...
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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