Income tax file
This query is : Resolved
31 March 2013
sir ,
Plz tell me that i can file itr u/s 44ad and 44ae together for ay 2012-13
Plz tell me that i can file itr u/s 44ad and 44ae together for ay 2012-13
02 April 2013
No You can not.
02 April 2013
No You can not.
02 April 2013
No, You can not.
03 January 2014
how can itr file of non resident
31 July 2024
Yes, you can file an Income Tax Return (ITR) under both sections 44AD and 44AE for the assessment year 2012-13 if you have income from both eligible business activities. Here’s a brief explanation of each section and how to file your return:
### Section 44AD
- **Eligibility**: Applies to small businesses, excluding those in the business of plying, hiring, or leasing goods carriages.
- **Presumptive Taxation**: Income is presumed to be 8% of the turnover or gross receipts (or 6% if the turnover is received by digital means).
- **Turnover Limit**: Up to ₹60 lakhs for AY 2012-13.
- **No Requirement for Maintenance of Books**: If you opt for this scheme, you are not required to maintain detailed books of accounts.
### Section 44AE
- **Eligibility**: Applies to businesses involved in plying, hiring, or leasing goods carriages.
- **Presumptive Taxation**: Income is presumed to be ₹5,000 per month (or part of a month) for each goods carriage.
- **Vehicle Limit**: You should not own more than 10 goods vehicles at any time during the year.
- **No Requirement for Maintenance of Books**: Similar to section 44AD, if you opt for this scheme, detailed books of accounts are not required.
### Filing ITR for AY 2012-13
For AY 2012-13, you need to use the relevant ITR form. For individuals and HUFs opting for presumptive taxation, **ITR-4S (Sugam)** was used. Here are the steps to file the return:
1. **Collect Information**:
- Gather details of your turnover, income, and other sources of income.
- Ensure you have details of your goods vehicles if filing under section 44AE.
2. **Download ITR Form**:
- Download ITR-4S (Sugam) from the Income Tax Department’s website for AY 2012-13.
3. **Fill in the Details**:
- Fill in personal information, income details, and presumptive income under sections 44AD and 44AE.
- Provide bank account details and other required information.
4. **Compute Tax Liability**:
- Calculate your total income and tax liability.
- Deduct any TDS and advance tax paid.
- Ensure to claim all eligible deductions.
5. **E-File the Return**:
- Login to the Income Tax e-filing portal.
- Upload the filled ITR-4S form.
- Verify the return using Aadhaar OTP, EVC (Electronic Verification Code), or by sending a signed physical copy of ITR-V to CPC, Bangalore.
### Filing ITR for Non-Residents
For non-residents, the ITR form to be used depends on the sources of income. Typically, **ITR-2** or **ITR-3** is used for individuals having income from various sources like salary, house property, capital gains, and other sources.
1. **Collect Information**:
- Gather all income details, including foreign income, if applicable.
- Details of TDS, tax payments, and deductions.
2. **Download ITR Form**:
- Download the appropriate ITR form (ITR-2 or ITR-3) from the Income Tax Department’s website.
3. **Fill in the Details**:
- Enter personal details, residential status, and income details.
- Provide information about foreign assets, if any.
- Fill in bank account details.
4. **Compute Tax Liability**:
- Calculate your total income and tax liability.
- Deduct any TDS and advance tax paid.
- Ensure to claim all eligible deductions.
5. **E-File the Return**:
- Login to the Income Tax e-filing portal.
- Upload the filled ITR form.
- Verify the return using Aadhaar OTP, EVC, or by sending a signed physical copy of ITR-V to CPC, Bangalore.
### Important Points
- **Section 44AD** and **Section 44AE** can be availed together if you have both types of income.
- Ensure accurate and complete information to avoid penalties.
- For non-residents, pay attention to reporting foreign income and assets.
If you need further assistance, consider consulting a tax professional to ensure compliance with all tax regulations.
### Section 44AD
- **Eligibility**: Applies to small businesses, excluding those in the business of plying, hiring, or leasing goods carriages.
- **Presumptive Taxation**: Income is presumed to be 8% of the turnover or gross receipts (or 6% if the turnover is received by digital means).
- **Turnover Limit**: Up to ₹60 lakhs for AY 2012-13.
- **No Requirement for Maintenance of Books**: If you opt for this scheme, you are not required to maintain detailed books of accounts.
### Section 44AE
- **Eligibility**: Applies to businesses involved in plying, hiring, or leasing goods carriages.
- **Presumptive Taxation**: Income is presumed to be ₹5,000 per month (or part of a month) for each goods carriage.
- **Vehicle Limit**: You should not own more than 10 goods vehicles at any time during the year.
- **No Requirement for Maintenance of Books**: Similar to section 44AD, if you opt for this scheme, detailed books of accounts are not required.
### Filing ITR for AY 2012-13
For AY 2012-13, you need to use the relevant ITR form. For individuals and HUFs opting for presumptive taxation, **ITR-4S (Sugam)** was used. Here are the steps to file the return:
1. **Collect Information**:
- Gather details of your turnover, income, and other sources of income.
- Ensure you have details of your goods vehicles if filing under section 44AE.
2. **Download ITR Form**:
- Download ITR-4S (Sugam) from the Income Tax Department’s website for AY 2012-13.
3. **Fill in the Details**:
- Fill in personal information, income details, and presumptive income under sections 44AD and 44AE.
- Provide bank account details and other required information.
4. **Compute Tax Liability**:
- Calculate your total income and tax liability.
- Deduct any TDS and advance tax paid.
- Ensure to claim all eligible deductions.
5. **E-File the Return**:
- Login to the Income Tax e-filing portal.
- Upload the filled ITR-4S form.
- Verify the return using Aadhaar OTP, EVC (Electronic Verification Code), or by sending a signed physical copy of ITR-V to CPC, Bangalore.
### Filing ITR for Non-Residents
For non-residents, the ITR form to be used depends on the sources of income. Typically, **ITR-2** or **ITR-3** is used for individuals having income from various sources like salary, house property, capital gains, and other sources.
1. **Collect Information**:
- Gather all income details, including foreign income, if applicable.
- Details of TDS, tax payments, and deductions.
2. **Download ITR Form**:
- Download the appropriate ITR form (ITR-2 or ITR-3) from the Income Tax Department’s website.
3. **Fill in the Details**:
- Enter personal details, residential status, and income details.
- Provide information about foreign assets, if any.
- Fill in bank account details.
4. **Compute Tax Liability**:
- Calculate your total income and tax liability.
- Deduct any TDS and advance tax paid.
- Ensure to claim all eligible deductions.
5. **E-File the Return**:
- Login to the Income Tax e-filing portal.
- Upload the filled ITR form.
- Verify the return using Aadhaar OTP, EVC, or by sending a signed physical copy of ITR-V to CPC, Bangalore.
### Important Points
- **Section 44AD** and **Section 44AE** can be availed together if you have both types of income.
- Ensure accurate and complete information to avoid penalties.
- For non-residents, pay attention to reporting foreign income and assets.
If you need further assistance, consider consulting a tax professional to ensure compliance with all tax regulations.
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