Can I file ITR 4

Section 44AE is applicable only to goods carriages and not for passenger transport vehicles.

If your income (revenue-expense) is more than 8% of your turnover then you can file using 44AD. If your income is less then you have to do tax audit.

Since you have registered your business as a partnership firm, you have to file in the firm name and not using your individual PAN.

Since you have share of profit from firm you have to use ITR 3. For firm it's ITR 5

Hi

44AE is not applicable in your case.

However, you can claim 44AD and show 8% profits / 6% in case of digital transactions.

Hi,

Section 44AE is applicable only for goods carriage vehicle. It's not applicable to you .

You can avail section 44AD.

Yes, you can file ITR 4 for the firm since you are claiming 44AD presumptive taxation for the firm.

We may assist you with return filing.

ITR-3 form is applicable to your individual pan because you are a partner in a partnership firm and earning salary/ remuneration, interest and profits from firm.

Yes..you should file ITR4

Dear Sir,

- Section 44AE is applicable for goods carriages and not for passenger carriages so question of applicability of section 44AE is inapplicable.

- For Partnership ITR- You can avail the benefit of section 44AD and file ITR-4 as the turnover is below Rs.2 cr but you need to declare minimum 8% of 60 lacs as income i.e. 4.80 lacs. You need to follow this section for next consecutive 5 years otherwise you need to maintain books of accounts and get them audited. In that case you need to file ITR-5. Might be your previous CA was showing profit less than 8% that's why he filed ITR-5.

- In your individual case- You need to file ITR-3

Thanks

You can file u/s 44AD but then 8% NP to shown which is fall under Max Rate of Income Tax in case of Partnership firm it is 30% +Surcharge and there is least benefit in opting 44AD for firm

Dear Sir,

Hope you are doing well !

The scheme of section 44AE is designed to give relief to small assessees engaged in the business of goods carriage.Hence it is not applicable in your case.

You can take the benefit of presumptive taxation scheme under business income (44AD). Profits assumed at 8% of Sales for Businesses with Turnover of less than Rs 2 Crores per annum.

In case where all incomes are digitally earned i.e earned via cheque, NEFT, RTGS or any non cash mode, profits shall be assumed at 6% for turnover less than Rs 2 crores.

Further, you can file ITR 4 for the firm and ITR 3 for individual capacity.

Thanks & Regards,

Payal Chhajed

44ad applies in your case.declare 8% as NP of your gross turnover.

use ITR 3 for individual return filling and ITR 4 for firm.

Dear Sir,

Section 44AE is not applicable to you. You can file ITR 4 for the firm and ITR 3 for yourself.

Warm Regards,

Karishma Chhajer