Hi,
I have small proproitership company and nature of business is Corporate business advisor.I dont want to maintain the accounts at this period. So In my case can i opt/file the IT return under Persumptive Income/ITR4S.
Pls tell me the Pros and Cons if i opt ITR4S.
Note:My turnover is less than 1 crore
Regards,
Muthukumar
Yours is professional income, and being turnover more than 50 lakhs for applicability of section 44ADA; you cannot file ITR 4S. You have to maintain books of accounts and get them audited u/s.44AB.
-Corporate business advior service is in the nature of Professional
- For Professionals if the gross income is more than Rs. 50 Lakhs audit u/s 44AB is required
-Presumptive income under ITR 4S not possible
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