dear sir / madam,
i worked for 5 month as a contract employee (road construction work) and i got salary but TDS was cut u/s 194c.
other months i did retail trading business.
1st. que.- Should contract employee treat this income as business income?
2nd que.-If yes,than should we show combined tournover and net profit In ITR 4
thank you.
1.As Contract Employees are not treated as normal employees, there Income is taxed as Income from PGBP. Yoy can simply opt presumtive taxation scheme U/S 44ADA and disclose your Income as 50% of the amount received.
2.Other Income can disclose u/s 44Ad as minimum 8% of gross receipt
CAclubindia
