presumptive income

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2011 Can an Assessee file his ITR on presumptive basis @8% on gross receipts on which TDS has been deducted u/s 194c as contract amount. Assessee engaged in business of hiring of transport vehicles for others, where he receives proceeds as a commission agent.

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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20 July 2011 Yes. He can file his ITR on presumptive basis in this case. Because 44AE is applicable for owners of trucks and 44AD is applicable for all other businesses. You case falls under 44AD. So you can opt for presumptive taxation.

Querist : Anonymous

Querist : Anonymous (Querist)

20 July 2011 thanks for resolving the query,,,,,,,,

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