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Section 44ad and contractor

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 August 2012 Dear Experts

One of client has been deducted TDS @ of 1% U/s 194C for A/y 2012-13 having gross reeipts of 1242534/- and TDS is 12426/-.

Can we file ITR taking benefit of Section 44AD i.e 8% of TO.

Pl guide and clarify asap. thanks.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
28 August 2012 The assessee is an eligible assessee u/s 44AD and can avail the benefit of the same.
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Guest

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Guest (Expert)
28 August 2012 Yes contractors can take benefit of second 44AD by declaring income at 8% of gross receipts.
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