Comment on Notice under Section 139(9)? - Possible reason

Nithin Kamath commented on 16 Jul 2014, 05:03 PM

No you cannot carry forward losses with ITR 4S. With ITR 4S, you can file with presumptive income, so if you have turnover of 10lks and you have made a loss, you show your income as 80k (8%) and hence not require an audit from a CA. If you are using ITR 4, you can show the loss and carry forward, but needs an audit.

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