Contract income

This query is : Resolved

Prashant Kumar Gupta (Querist)
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27 December 2012 IF ANY ONE RECEIVED 14,13,304/- LESS TDS 32,088/-
THEN I WANT TO KNOW THAT HOW CAN I CALCULATE EXPENSES OF ABOVE INCOME.
PARTY IS NOT MAKING BOOKS OF ACCOUNTS.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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27 December 2012 You have to required to offer minimum of 8% of income on gross receipts for tax purpose under section 44AD. I.e minimum of Rs.113064 has to offer for tax purpose if you want to higher income then you can offer. In case if you want to offer lower income then you should required maintain of books u/s 44AA and has to make tax audit u/s44AB(if as per section requires).

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