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Sir, what is the presumptive business (itr 4s)

srinivas (accountant) (49 Points)

19 June 2014

SIR,

WHAT IS THE DIFFERENCE IN ITR4 AND ITR 4S

I MEAN WHAT IS THE PRESUMPTIVE BUSINESS\

PLEASE EXPLAIN.

THANKING YOU.

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3 Replies

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.

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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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