Presumptive Taxation
This query is : Resolved
29 March 2009
Sir/Mam,
Please let me know what section does presumptive taxation falls for Sub contractors - civil constructions.
What is the % of profit on gross recipts & in case he opts for the same does he need to maintain the books of accounts
Thanks
Altaf
Please let me know what section does presumptive taxation falls for Sub contractors - civil constructions.
What is the % of profit on gross recipts & in case he opts for the same does he need to maintain the books of accounts
Thanks
Altaf
29 March 2009
Business of civil construction [Sec. 44AD]
Applicable to: All assessee engaged in the business of civil construction or supply of labour for civil construction work.
Civil construction includes –
• the construction or repair of buildings, dams, bridges or other structures, or of roads or canals.
• the execution of any works contract (i.e. works related to electrical fittings, plumbing job, landscaping work, etc.)
Conditions: Gross receipts1 from the above mentioned business does not exceed Rs.40 lakh.
1. Gross receipts are the amount received from the clients for the contract and will not include the value of material supplied by the client.
Estimated income: 8% of the gross receipts.
However, a taxpayer can voluntarily declare a higher income in his return by filing return u/s 44AA and 44AB.
Applicable to: All assessee engaged in the business of civil construction or supply of labour for civil construction work.
Civil construction includes –
• the construction or repair of buildings, dams, bridges or other structures, or of roads or canals.
• the execution of any works contract (i.e. works related to electrical fittings, plumbing job, landscaping work, etc.)
Conditions: Gross receipts1 from the above mentioned business does not exceed Rs.40 lakh.
1. Gross receipts are the amount received from the clients for the contract and will not include the value of material supplied by the client.
Estimated income: 8% of the gross receipts.
However, a taxpayer can voluntarily declare a higher income in his return by filing return u/s 44AA and 44AB.
29 March 2009
1.44AD
2.Minimum 8%.
2.Minimum 8%.
29 March 2009
The value of material supllied by the client or any other person is not to be taken while calculating the gross profit but for the limit under 44AB value of material supllied is to be taken.
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
- SEC 54 OF IT ACT
- Form 26QB for TDS on property
- Is Aadhar PAN linking required for opening bank account?
- Where to show the RCM on Rent paid to unregistered landlord
- CPC Processing IT Return for AY 2023-24 without recognizing the Taxation Option under New Regime
- RCM - commercial rent paid to URP under GST
- GST Annual Returns filing due date
- Offsetting interest income against derivative trading losses
- Whether still royalty
- Gst Sales of FY 2023-24
- Issue of gst e invoice
- Interchangeable words in accounts
- Adjusted profit/Loss in the case of LLP and Pvt. Ltd.company
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding Resignation by Auditor from Pvt. Ltd.
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
-
Excel Mastery Program
CA Rishabh Pugalia
CAclubindia
