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Filing of income tax return in Form 4

KERAGODEGOPALARAO ANANTHARAO

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?

Presumptive taxation: real estate firm filed ITR in Form four for turnover below threshold; queries correctness. Whether a real estate business selling converted sites may file an ITR in Form 4 under the presumptive taxation scheme where annual sales are below the turnover threshold; taxpayer filed under the presumptive rate and queried correctness. The forum exchange records that books of account are maintained, which is the sole confirmed procedural fact relevant to the filing choice. (AI Summary)
Income Tax
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DR.MARIAPPAN GOVINDARAJAN on Jul 13, 2021

ITR - 4? Have you not maintained books of account?

KERAGODEGOPALARAO ANANTHARAO on Jul 16, 2021

Books are maintained Sir

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