Only consider turnover
Prakash Mali
(Artical Assistant)
(166 Points)
Replied 04 June 2011
I Think -assessee shd not go for 44AD (8%) since income under this is 400000/- whereas otherwise income is 200000/-. while computing turnover it will be 55 lk only & speculation loss is available to be set off against speculation profit or carried forward for 4 yrs as same terms of set off.
44AB N.A. t/o is less than 60Lk
vidyasagar sunku
(proprietor)
(22 Points)
Replied 05 June 2011
If a dealer having business with vat turnover Rs. 50.0 lac, he has to show profit 5% or 8% as per my knowledge on business turnover 5%, on jobwork turnover 8% profit to be shown. Is it correct or not. Please clariffy.
with regards
vidyasagar sunku
CA Ashwani Agarwal
(Practice)
(3049 Points)
Replied 05 June 2011
| Originally posted by : vidyasagar sunku | ||
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If a dealer having business with vat turnover Rs. 50.0 lac, he has to show profit 5% or 8% as per my knowledge on business turnover 5%, on jobwork turnover 8% profit to be shown. Is it correct or not. Please clariffy. with regards vidyasagar sunku |
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Newl amended Section 44AD makes no distinction between business turnover and jobwork turnover.... Any kind of turnover it can be.... U have to show profit of 8% on your total turnover otherwise get your accounts audited...
prahlad tanwani
(owner)
(60 Points)
Replied 15 June 2011
if my commission income is only Rs 10000 and 1000 has been tds deducted by company. now for refund purpuse i have to file my return of income. what ITR form should i file whether regular ITR4 or ITRs.in this scenario what figure will be considered as my turnover. if my turnover is considered Rs 10000 then i can show all this amount (100% instead of 8% as described in 44AD) as my total income while i have no any expenses to be deducted from this gross profit/receipts, and no other income at all.
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