SIR,
WHAT IS THE DIFFERENCE IN ITR4 AND ITR 4S
I MEAN WHAT IS THE PRESUMPTIVE BUSINESS\
PLEASE EXPLAIN.
THANKING YOU.
ROSHAN PAUL JOSEPH
(CA Final student)
(311 Points)
Replied 19 June 2014
If the annual turnover > 1 crore the assesseee has to get his accounts audited u/s 44 AB
if annual turnover from a business ( whether retail trading or wholesale trading or civil constructions or any other business) < 1 crore ; he can declare an Income @ 8 % of turnover which will be his presumptive Income from the business. [sec 44 AD]
If the actual income is less than the presumptive he can declare such lower income provided he gets his accounts audited.
ROSHAN PAUL JOSEPH
(CA Final student)
(311 Points)
Replied 19 June 2014
Also this option of presumptive income is available for a person engaged in the business of plying, leasing or hiring trucks, for which presumptive income is computed using a different method. [sec 44 AE]
presumptive income computed under s. 44 AD nd s. 44 AE are filed on ITR 4 S
Yatender Singh Rawat
(Tax Consultant)
(101 Points)
Replied 20 June 2014
I agree with Roshan Paul. but I added further more that if you opted presumtive income scheme then you are not liable to maintained various book of accounts & you are also not required to pay advance tax .
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