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Which itr

vishwam (article trainee) (82 Points)

02 April 2014

Hello,

Our client have income from business,and also share of profit from partnership firm.He is not maintaining books for his proprietory business.so that he wans to declare more than 8% profit on turn over.Can he file ITR-4S?

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Deepak Gupta (CA Student) (15922 Points)
Replied 02 April 2014

Originally posted by : vishwam
	Hello, Our client have income from business,and also share of profit from partnership firm.He is not maintaining books for his proprietory business.so that he wans to declare more than 8% profit on turn over.Can he file ITR-4S?

He can file ITR-4S provided the share of profit from the partnership firm does not exceed Rs. 5,000, otherwise he will have to file ITR-4.

As per Rule 12(ca) of the Income Tax Rules
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in the case of a person being an individual or a Hindu undivided family deriving business income and such income is computed in accordance with special provisions referred to in section 44AD and section 44AE of the Act for computation of business income, be in Form SUGAM (ITR-4S) and be verified in the manner indicated therein:
.
[Provided that the provisions of this clause shall not apply to a person who,—
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(I) is a resident, other than not ordinarily resident in India within the meaning of sub-section (6) of section 6 and has,—
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(i) assets (including financial interest in any entity) located outside India; or
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(ii) signing authority in any account located outside India;
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(II) has claimed any relief of tax under section 90 or 90A or deduction of tax under section 91; or
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(III) has income not chargeable to tax, exceeding five thousand rupees.