11 September 2012
This question is for Financial year 2011-12 for which i have to file returns before 30 Sep 2012. Replies would be highly appreciated.
I am propreitor doing software service business. This year I have revenue of 55lakh. But in each of previous 2-3 years I have revenue of more than 80 lakhs and accounts were audited.
But in mid of this year I splited by business and started Pvt Ltd. Hence my revenue dropped to 55lakh for 7 months. But i gained salary from Pvt Ltd (around 12 lakhs) for remaining 5 months.
Moreover I done futures/options/commodity trading. (volume is huge, but profit under 10 thousand)
Also I have bank interest of more than 7 lakhs.
My question is am I eligible for 44AD?
Will be highly appreciated if someone can confirm early.
12 September 2012
Anju, Thanks. But could you re-confirm. Will the salary from my private limited will not affect my propreitorship revenue?
Also for 7 months i did business as propreitorship. then next 5 months i worked as director in pvt ltd. I hope i can still file my return as bussiness and not salaried individual? because i think 44ad is not valid for professional or salaried people.
Also earlier i didnt know i will start pvt limited. so i have more than 5 lakh income tax refund. I can claim that rite?
CAclubindia
