Applicable or not
This query is : Resolved
28 March 2013
My father is a contractor. can he come under section44ad?
28 March 2013
Yes, he comes under section 44AD.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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28 March 2013
thank u sir.
my another dobt is if my fater turnover is less then 2025000 then no need to pay the tax. this is correct or not?
my another dobt is if my fater turnover is less then 2025000 then no need to pay the tax. this is correct or not?
28 March 2013
Yes, because of according to the section 44AD minimum requirement of offering of income for the purpose of tax is Rs.1,62,000 the basic exemption limit is Rs.1,80,000 for A.Y 2012-13 for male individual so no need to pay tax.
If you want to offer any excess income voulentarly and such income is more than Rs.180000 after deduction of Chapter VIA then you have to pay tax on such excess amount.
OM SAI SRI SAI JAI JAI SAI
If you want to offer any excess income voulentarly and such income is more than Rs.180000 after deduction of Chapter VIA then you have to pay tax on such excess amount.
OM SAI SRI SAI JAI JAI SAI
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28 March 2013
thank u
for AY2013-2014 for male or female basic exemption limit is Rs.2L and if ur income is less then 5L then we get Rs.2000 tax benifit so if my father turnover is less then 25.25L then no need to pay the tax. this is correct or not?
for AY2013-2014 for male or female basic exemption limit is Rs.2L and if ur income is less then 5L then we get Rs.2000 tax benifit so if my father turnover is less then 25.25L then no need to pay the tax. this is correct or not?
28 March 2013
For a.y 2013-14 for male of female basic exemption limit is Rs. 2Lacs is correct but if income is less than Rs.5Lacs then we get Rs.2000 tax benifit is applicable for A.Y 2014-15 not for A.Y 2013-14.
So for A.Y 2013-14 if your father turnover is Rs.25 lacs or below then no tax liability.( if your father has any savings or deductions under Chapter VIA a then his turnover can be increase by the proportinate of the deduction available and shall be in basic exemption limit).
OM SAI SRI SAI JAI JAI SAI
So for A.Y 2013-14 if your father turnover is Rs.25 lacs or below then no tax liability.( if your father has any savings or deductions under Chapter VIA a then his turnover can be increase by the proportinate of the deduction available and shall be in basic exemption limit).
OM SAI SRI SAI JAI JAI SAI
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