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Income tax returns

Vishal GUpta (Student CA IPC / IPCC) (44 Points)

08 August 2015

Hello,

Please tell me that the criteria of Profit must be atleast 8% of total income is applicable in all cases or is only applicable when we are filing ITR- 4S

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CA Raj Doshi (Practising CA) (8898 Points)
Replied 11 August 2015

If your business is eligible business then you can offer income under sec 44AD in which case , profit is deemed to be minimum 8% , however you can show higher profit. The selection of ITR form depends on other incomes too.( Offering 8% and ITR FORM 4S has relation to some extent, but not in absolute terms ). Selection of form depends on incomes under other heads too.