Opinion Of Eminent Legal Luminaries On Controversial Issues

Under Which Form ROI Be Filed In Case Of Presumptive Taxation?

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.

Posted in Income-tax

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