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Income tax return
One Contractor provide man power supply during FY 2015-2016, and his gross TO 15 Lakhs(before adjusting expenses) . Under which form he has to submit IT return, and how to calculate tax?
Replies (9)
ITR 4S. Income tax can be assessed u/s. 44AD.
Net Profit will come around 1.5 lakhs only
No problem, thats 10%.You can declare it in ITR 4S.
ITR 4S Required to be filled within 31'st July for individuals
U/S 44AD if he declare tax @ 8% on Gross TO- No need of maint. books of accounts U/S44 AA-Correct?
Whether he can declare his income at lower income less than 2 lakhs? In this case whether he has to keep books of accounts?
if an assessee avail benefit of section 44AD no books of accounts required to be maintain
section 44AA Applicable nahi hoga
Contractor's profit margin itself coming around 3-4 %, whether he is liable to pay tax @ 8% on entire TO?
if your gross taxable income below basic exemption limit you can declared income less than 8% if total t/o also.
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