A.Muthu Kumar (Service) (83 Points)
30 March 2017Hi,
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
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177721 Points)
Replied 30 March 2017
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.
varsha naik
(Chartered Accountant)
(303 Points)
Replied 30 March 2017
-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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