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SEC 44AD and ITR4S

AK.Mohan Raj Bharathi (CA in Practice as a Proprietor) (43 Points)

03 June 2011

1. In case of Partnership Firm, ACT says Sec40(b) can be allowed against the presumptive income, but there is no provision or column in the ITR4S for the same. How we can claim the deduction? Are we have to use ITR5 for the partnership firms. Please clarify.

2.If the assessee is running a wholesale business and opted for presumptive income u/s44AD and he is also getting remuneration and salary from the partnership firm. In this case, how we can treat the aforementioned income in ITR4S?

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6 Replies

Shashank Agrawal (Management Trainee) (46 Points)
Replied 03 June 2011

Can any one tell me if Partnership firm is not opted presumtive income then which form is require to file ITR 5 Or ITR 4S?

And 8 % Profit creteria is for BEFORE Parnters Remunaration and interest OR AFTER Remunaration and interest?

Please tell me

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CA DEEPAK BANSAL (ACA, B.COM(H) ) (61 Points)
Replied 03 June 2011

Hi Mr. A.K. Mohan Raj Bharati

The Answer For Your First Question Is- You Will Use ITR- 5 Only Because It Is Specified For Partnership Firms Specifically And It Overrides Any Other ITR.

The Answer For Your Second Query Is – If Your Assessee Is Showing And Getting The Salary From Any Partnership Firm Then ITR-4s Will Not Be Filled. ITR-4 Will Be Filed As Per Your Information

CA DEEPAK BANSAL (ACA, B.COM(H) ) (61 Points)
Replied 03 June 2011

Hi Mr. Sashank Aggarwal

The Answer For Your First Question Is- You Will Use Itr- 5 Only Because It Is Specified For Partnership Firms Specifically And It Overrides Any Other Itr.

The Answer For Your Second Query Is – The presumptive Rate Of 8 % is Before charging salary and interest. So salary and interest will be provided as per limits specified after 8 % presumptive rate