Itr for contractors. is it manadatory yo keep books of accounts?
This query is : Resolved
30 July 2014
I am a civil contractor undertaking small contracts like road making, sewage cleaning etc. from Municipal Corporation. My turnover for FY 2013-14 is around Rs.50 Lakhs. Whereas net profit is less than Rs.2 Lakhs. Is it manadatory to mainatain books of accounts? Can I show income on presumptive basis u/s 44AD? Which ITR should I file ITR 4 or ITR 4s to get TDS refund?
31 July 2014
as such it is not necessary to maintain books. however, income-tax department does insist on it!!
if you show on presumptive basis, you will end up with tax liability of around R 18000 (assuming no 80C deduction)
if you show on presumptive basis, you will end up with tax liability of around R 18000 (assuming no 80C deduction)
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- TDS in case of Inoperative PAN under Section 192A
- How to reclaim rent paid on behalf of a registered person?
- IGST of Feb 23, Can we claim ITC now?
- Trust audit of Mumbai
- Interest On TDS under section 201(1A)
- NSC interest taxability at maturity
- RCM on Commercial Godown
- GST order u/s 73
- Tarpaulin covers for agriculture research can claim ITC
- TDS on rent paid by a doctor
- Lease Rent Vs Fair Rent
- GST adjudication monetary limit
- BSR AND CHALLAN SERIAL NUMBER IN CASE OF BANK ATTACHMENT ?
- CA FINAL Group-1 Completed
- B2C Large Invoice Reporting Requirement
- Different payment bank or method used rather than AD Code registered bank
- Articleship Registration 2024
- Trust Audit filling
- Delay condonation of audit report of a trust
- Credit Note Issue in GST
Trending Online Classes
CAclubindia
