44ad under income tax act

This query is : Resolved

saifraj (Querist)
Follow

30 September 2013 We are filling income tax return with use of sec 44 AD.

Business is - Breaking contract of concrete slabs.

our turnover is 20 lakhs (Partnership Firm)

Query -
1. can we file income tax return without profit and loss account and balance sheet, using special business option.

2. are we liable to any other tax such as service tax , works contract.

Nikhil Kaushik online

Nikhil Kaushik online

(Expert)
Follow

01 October 2013 1. No. if you want to file Zero profit return, then u need to maintain books under 44AA and get ur accounts audited under 44AB.

Undre 44AD, you shall have to declare atleast Rs 1,60,000 as profit and pay 30% tax thereon.

2. Yes service tax etc will apply.

Message likes : 1 times