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Need help to file itr 4 for new bizness

pari (manager) (50 Points)

09 June 2012

Dear All

We jst started new biz (propritorship) in NOv'11. Still we ra enot reached Rs. 10 lakh turnover for last FY that is 11-12. I want to file IT return for 11-12. But we have not maintained any accounts or any data of last FY. I need help to fill the ITR 4 form as i dont hire any CA due to some financil prob. Please help me to fill ITR form 4 and how to apply onine and also what is the procedure of online IT return for last FY.

Thanks in advance.

Pari Solanki

Bangalore

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9 Replies

MAHESH GARG (AUDIT EXECUTIVE) (334 Points)
Replied 09 June 2012

Its very easy procedure to e file ITR. Non hiring of CA is not a problem.

As per section 44 AD of Income tax act if total turnover is Rs.60,00,000 or below then an assessee can compute its income on presumptive basis at a rate of 8% of total turnover and no audit will be required. But if you want to show income less than 8% than audit will become mandatory.

As in your case u have not maintained any books so it is advisable to go with section 44AD and show income at 8% in your return.

E filing procedure can be known from the income tax site i.e https://incometaxindiaefiling.gov.in/portal/index.do

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Shankar Reddy.V (Tax consultant) (81 Points)
Replied 09 June 2012

you need to maintain accounts first, and if you get any taxable income then only you need to file ITR 4 by registering online with income income tax department

MAHESH GARG (AUDIT EXECUTIVE) (334 Points)
Replied 09 June 2012

and you will have to file ITR 4 S (Sugam). newly designed for For Individuals/HUF having income from presumptive business

pari (manager) (50 Points)
Replied 09 June 2012

Hello sir...thank you for your quick revert. But my Q is "8% " of what? is it 8% of 60 lakh? Please explain in detail. Also please confirm, i need FORM ITR 4 only or any other?

Thanks