Profit u/s 44 ad
This query is : Resolved
09 September 2012
one of my client who is contractor doing painting job to bud bodies and he has received say Rs.seven lakhs during the financial year 2011-2012 from XYZ co., The company has deducted TDS at 2% and issued form 16-A to contractor. can we declare his income u/s 44AB at 8% of gross receipts from contract work. Secondly which ITR FORM we shall use for filing the return. He is not having any other income.
09 September 2012
Yes you can declare income under 44AD.. Form that should be used in this would be ITR4S
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