|QUERY:||‘A’ runs TV repair shop. His gross receipt are Rs. 1,80,000/- and net income is Rs. 1,35,000/- more than 8% of the gross receipts. So section 44AD of the Act is applicable to him. Can he file ITR 4-S, for the assessment year 2011-12?|
|ANSWER:||Yes, he can file ITR 4-S, as section 44AD is applicable to him. Tax audit requirement would not apply in respect of business covered under section 44AD of the Act who has opted for presumptive taxation.|
|EXPERT:||CA. H. N. Motiwalla|
|CATCH WORDS:||computation of income, presumptive taxation, tax audit|
Opinion Of Eminent Legal Luminaries On Controversial Issues
Under Which Form ROI Be Filed In Case Of Presumptive Taxation?
Credit: Several of the queries and answers are reproduced with permission from the AIFTP Journal. We thank AIFTP for generously allowing us to host their research material.
Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this document nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org