A person has a small medical shop having annual turnover of 5 - 6 lakhs. Its a proprietrship busniess. Do he need to file his return in ITR 4 or ITR 4S.
NAVEESH DHAR
(ADVOCATE- TAXATION ADVISOR)
(427 Points)
Replied 22 September 2014
narayan kale
(cunsaltant)
(29 Points)
Replied 23 September 2014
CA Neelesh Sharma
(2)
(69 Points)
Replied 10 October 2014
Dear according to Sec 44D you may declare profit of more than 8% and ITR form 4S should be filed but if u want to declare profit of less than 8% than you have to maintain books of account and get thm audited.
According to your query you are not preparing books of accounts and your Net profit is more than 8% of total receipt than you have to file FORM 4S
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