Prahlad Pachisia (Proprietor) (54 Points)
19 September 2011Hi!
The assesee is showing income less than 8% and have turnover less than Rs. 60 Lacs hence is required to have its accounts audited & tax audit report will be issued ie. 3CD as assesee is an individual.
Now while filing the return of income of such assesee it will be filed under ITR-4 or ITR-4S and xactly wht is d basic difference in simple language
Rgrds
Rajagopalakrishnan R
(PARTNER)
(1422 Points)
Replied 19 September 2011
In this case ITR 4 is the correct form.
Form 4S is for those who are showing 8% or more profit with turnover less than 60 lakhs. i.e no books of accounts are required to be maintained and therefore no PL/Balance sheet is prepared (required!)
Form 4 is for all other individual assessees with proprietory businesses.
ashish gupta
( student)
(1922 Points)
Replied 19 September 2011
CAclubindia
