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Itr 4s filing

29 March 2020

I am a contract employee hired by a company, whose primarily work is associated with development of softwares. Am I eligible for filing itr 4s?

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4 Replies

(Guest)

Yes, you are eligible to file your Return In ITR4S

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SHIVAM GUPTA (47 Points)
Replied 29 March 2020

Sir, I will be filing under sec 44ad or 44 ae, and sir also what is the value of rebate u/s 87a for fy 19—20

(Guest)

You can file return of under sec 44ADA (computing profits and gains of profession on presumptive basis)

Rebate for A.Y. 2020-21 Is 12500 if your Total Income does not exceed Rs. 5,00,000.

Total income u/s 44ADA = 50% of Total Gross Receipts.

RAJA P M ("Do the Right Thing...!!!") (128101 Points)
Replied 29 March 2020

@ Mr SHIVAM GUPTA.,

You can file ITR 4 u/s 44ADA with 50% of profit on Your contract receipt (income).

Your income is can't fall in 44ad and 44ae...

(Note : ITR 4s is now ITR 4)