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.
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Income from contract employees & trading busineas
Replies (4)
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
2.Other Income can disclose u/s 44Ad as minimum 8% of gross receipt
Dear sir,
Construction and maintenance of roads,
rails, bridges, tunnels, ports, harbour,
runways etc.6005
Other construction activity n.e.c.6010
both comes u/s 44 ad.
how can i disclose my income u/s 44 ada.
please help me.
Construction and maintenance of roads,
rails, bridges, tunnels, ports, harbour,
runways etc.6005
Other construction activity n.e.c.6010
both comes u/s 44 ad.
how can i disclose my income u/s 44 ada.
please help me.
Yes, it can be taken as eligible business u/s. 44AD, provided the contractor is eligible person i.e individual, HUF or firm.
Thank you sir... now i will combine both business Profit and tournover.
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