Itr for sale & service charge received

See mr. Amit ji,

ITR-4 is to be filled by can be filled by anyone who is running a business or undertaking a profession. There is no minimum income you should be earning to file this return. Say if you are a shopkeeper, construction contractor, a doctor, a tutor, a retailer, a wholesaler, an insurance agent, interior decorator or fashion designer, you can file ITR-4. Absolutely all businesses are eligible to file ITR -4.

Whereas for ITR-4S,applicable for businesses where income is calculated on ‘presumptive method’. As per presumptive method – net income is estimated to be 8% of gross receipts (Section 44AD of the income tax act) or Rs 7,500 per month for each vehicle where the tax payer is plies, leases or hires trucks (Section 44AE of the income tax act). This is a special scheme of income tax department – those who opt for this scheme – don’t have to maintain accounting records.

Hope so u understood clearly.

You can file itr 4s and claim 8% profit under section 44AD.

As per section 44AD following person are not eligible for claiming income under this section.

1) A person carrying on profession

2) A person earning income in the nature of commission or brokerage.

3) A person carrying on any agency business.

You are not coming under any of the point above hence can file itr 4s.

That means as per Manish Bindal I can file ITR 4S.

My clients Total Sale Rs.330300/-, Service Charge Received Rs. 104000/- Gross Profit Rs. 234100/- & Net Profit  Rs. 205133/-

That Means Gross Turnove or Receipts will be Rs. 434300/-

Presumptive Income under section 44AD  Rs. 205133/-

Am I right