Section 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

11 April 2013 I am a small scale manufacturer. I am the proprietor of two companies. Company A has sales of Rs. 28 Lakhs with Net profit of Rs. 2,25,000.00

Company B has sales of Rs. 5 Lakhs with Net Profit of Rs, 50,000.00

Apart from the above, I earn about Rs. 25,000.oo from F.D. in bank.

Can I file the return under section 44AD using ITR4S (Sugam)

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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12 April 2013 Yes, you can file but you have to offer minimum income from Company A is Rs.2,24,000 and from Company B is Rs. 40,000 However you offering Rs. 2,25,000 and 50,000 respectively i.e more than the minimum income required. So you can file your return of income u/s 44AD using ITR-4S. However your gross total income will be = Profit from Company A + Profit from Company B + Interest from FD = 2,25,000 + 50,000 + 25,000 = 3,00,000.

Company A and Company B 's Profit are taxable under the business income and interest from FD taxable under income from other sources.

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