Sec 44AD- when building is not constructed within one year.
This query is : Resolved
09 January 2009
Sec 44 AD are applicable only when gross receipts received or receivable does not exceed Rs. 40,00,000/-. For a civil construction Contractor,, when a contract of construction of a building is for Rs. 50,00,000 but building is not completed in one year. Upto 31st march, Construction of Building is Still going on, and payment received are only Rs. 1500000 then what will be the implications, whether 44AD are applcable on that contractor for that year, if he has a single Contract of Rs. 50,00,000.
09 January 2009
then it will depend upon method of accounting . in case of u are following accrual system of accounting and also sec 145 of income tax act and revenue crosses 40lac then u can't avail benefit u/s 44 AD.
09 January 2009
Yes.Sec 44AD applies to u in the following cases
1)the client is in civil construction
2)gross receipts below Rs 40k.
Taxable income= 8%of gross receipts.
If the client intends to show lower profit, tax audit is mandatory.
1)the client is in civil construction
2)gross receipts below Rs 40k.
Taxable income= 8%of gross receipts.
If the client intends to show lower profit, tax audit is mandatory.
10 January 2009
APPLICABLE IN YOUR CASE AS THE RECEIPTS FALL BELOW 40 LKHS IN ONE FINANCIAL YEAR
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