06 November 2018
if a person doing business in contract works (Private individual works as Interior designer as well as govt works) and earns gross receipts as per bank statement nearly of Rs.44,55,000/- for the financial year 2018-19. & by this year from April 2018 to Sep 2018 he received nearly an amount of Rs 32,75,000/- as per the bank statement My question is that: 1) Is he liable to take Gst Licence 2) For the Income tax Purpose shall he submit his returns by declaring gross receipts U/s 44AD (without books of accounts maintained case).
07 November 2018
The answer is as under : 1) Is he liable to take Gst Licence - yes he was liable for registration in FY 2017-18 2) For the Income tax Purpose shall he submit his returns by declaring gross receipts U/s 44AD (without books of accounts maintained case). - he may choose to submit return u/s. 44ADA and not u/s. 44AD.
Read more at: https://www.caclubindia.com/experts/gst-and-income-tax-returns-for-contractor-2701059.asp
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