It return

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Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2014 My brother is doing business as proprietorship. His profit is Less than rs 200000/- in the FY 2012-13. Pls tell me in which form i have to file his IT Return for AY 2013-14 and B/Sheet and P&L is required. Also pls let me know any details required for this filling.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 February 2014 Assuming his receipts are less than Rs. 60 lakhs, he is an eligible assessee u/s 44AD.

Accordingly he is required to file ITR 4S.

Querist : Anonymous

Querist : Anonymous (Querist)

25 February 2014 his turnover is less than Rs 8 lakh in a year

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 February 2014 He can file return u/s 44AD. He will file ITR 4S.

Ganeshbabu K

Ganeshbabu K (Expert)
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25 February 2014 If ur turnover not exceeded 100 lakhs no tax audit required if u can offer income as per sec 44AD means atleast 8% or more as income on turnover
.
So as u said 8 lakhs is the turnover 8% on this is 64000 which not exceeded the basic exemption limit and hence tax will not come
.
If u opt 44AD no need to maintain books of accounts as per 44AA and ITR-4S is applicable

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Querist : Anonymous

Querist : Anonymous (Querist)

01 April 2014 My brother is labour contractor of electrical work. Pls give me code no of Nature of business.

Querist : Anonymous

Querist : Anonymous (Querist)

01 April 2014 what trade name i have write in return

Querist : Anonymous

Querist : Anonymous (Querist)

01 April 2014 his income come under total presumptive income under 44AD (>=8% of E1)

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Asha Kanta Sharma

Asha Kanta Sharma

(Expert)
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02 August 2024 For the Financial Year (FY) 2012-13 and the Assessment Year (AY) 2013-14, if your brother's income from his proprietorship business is less than Rs. 2,00,000 and he qualifies under section 44AD of the Income Tax Act, you should follow these guidelines:

### Filing the Income Tax Return

1. **Form to Use:**
- **ITR-4:** Since your brother’s business is a proprietorship and his income is presumptive (under section 44AD), he should use **ITR-4** for filing his income tax return for AY 2013-14. ITR-4 is specifically for individuals and Hindu Undivided Families (HUFs) who are either carrying on a business or profession under sections 44AD, 44AE, 44AF, or 44BB, or have income from a profession referred to in section 44AA.

2. **Books of Accounts:**
- **No Detailed Books Required for Section 44AD:** If the income is declared under section 44AD, maintaining detailed books of accounts (Balance Sheet and Profit & Loss Account) is not mandatory. The presumptive taxation scheme under section 44AD allows businesses to declare a certain percentage of their turnover as income and simplifies the tax compliance.
- **But Records Must Be Maintained:** Even though detailed accounts are not required, your brother should maintain records of turnover, receipts, and other relevant documents for his records and in case of any scrutiny.

3. **Details Required for Filing:**
- **Personal Information:** PAN, address, and contact details.
- **Income Details:** Total turnover or gross receipts, and the presumptive income calculated (8% of the turnover).
- **Tax Computation:** Ensure that the presumptive income is correctly reflected as per the provisions of section 44AD.
- **Nature of Business Code:** For labor contractors engaged in electrical work, you can use the code **"9953"** for "Contractors, Building" or the specific code for electrical contractors if available. This may vary slightly depending on the classification used by the Income Tax Department.

4. **Trade Name:**
- **Write the Business Name:** In the ITR form, you should mention the trade name or business name as it is legally registered or known. For example, if your brother’s business is registered as "XYZ Electrical Contractors," then that should be mentioned.

### Summary of Key Points:

1. **Form to File:** Use **ITR-4** for AY 2013-14.
2. **Books of Accounts:** Detailed Balance Sheet and Profit & Loss Account are not required if declaring income under section 44AD, but records should be maintained.
3. **Details Needed:** Personal information, turnover, presumptive income calculation, and nature of business.
4. **Nature of Business Code:** Use code **9953** or the appropriate code for electrical contractors.
5. **Trade Name:** Write the business name as registered or commonly used.

### Additional Notes:

- **Section 44AD Compliance:** Ensure that the income declared under section 44AD is at least 8% of the total turnover or gross receipts.
- **Filing Deadline:** Remember to file the return before the due date to avoid penalties. For AY 2013-14, the due date for filing the return was generally July 31, 2013, but you can still file a belated return if needed.

Consult a tax professional for personalized advice and to ensure all requirements are met accurately.