Taxability u/s 44ad or not?
This query is : Open
31 July 2012
dear all,
i started business in jan,12 and upto 31st mar,2012 i m having income of Rs.5,00,000/-from renting crane on hire.
so m i covered u/s 44AD i.e presumptive taxation @ 8% of gross receipts
OR i can continue it with normal provisions of I.T Act,1961 and showing more income..
i m confused. so plz help me.
urgent
i started business in jan,12 and upto 31st mar,2012 i m having income of Rs.5,00,000/-from renting crane on hire.
so m i covered u/s 44AD i.e presumptive taxation @ 8% of gross receipts
OR i can continue it with normal provisions of I.T Act,1961 and showing more income..
i m confused. so plz help me.
urgent
31 July 2012
Yes you are covered u/s 44AD.
Even u/s 44AD you can show income higher than 8%.
Even u/s 44AD you can show income higher than 8%.
31 July 2012
Income higher than 8% can be shown even if you are covered by 44AD. But if you are not going with 44AD then you have to get your accounts audited.
01 August 2012
you have both the option 44AD and normal. you can take the benefit of 44AD and show the income more than 8 %.
8% limit is minimum. you can show your income at a higher rate.
audit is compulsory only when if you want to show the net profit below 8 % .
8% limit is minimum. you can show your income at a higher rate.
audit is compulsory only when if you want to show the net profit below 8 % .
01 August 2012
thanx to all experts,
1)Now can anyone plz tell me which ITR is to be filled ( ITR-4 or 4S)?
2)And how to show business income u/s 44AD in the respective ITR?
1)Now can anyone plz tell me which ITR is to be filled ( ITR-4 or 4S)?
2)And how to show business income u/s 44AD in the respective ITR?
02 August 2012
for 44AD file itr4S. Show the gross receipts as prompted in 4s
06 August 2012
thanx mr amol but can u plz elaborate it?
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