Ours is a real estate firm, purchasing land converting in to sites, sales to prospective customers.
During the year 2019-20 pertaining in to AY 2020-21 the sales was less than 2 crore, hence return is filed under presumptive tax more than 8% and filed in Form-4.
Is it correct sir?
Real Estate Firm's ITR-4 Filing Under Presumptive Taxation Challenged Due to Maintained Books of Account for 2020-21 A real estate firm engaged in purchasing and converting land into sites for sale filed its income tax return for the assessment year 2020-21 using Form 4, under the presumptive taxation scheme, as their sales were less than 2 crore. A participant questioned whether filing under ITR-4 was appropriate, given the firm maintained books of account. The original poster confirmed that books were indeed maintained, prompting a discussion on the correct filing procedure for such circumstances. (AI Summary)
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