Which Form I should fill up for Income from business or profession?
For Example an assess has income from trading on jewellers he doesn't maintain his account and shows the profit exceeding limit for AY 2011-12.
Jagdish (Article) (123 Points)
06 June 2011Which Form I should fill up for Income from business or profession?
For Example an assess has income from trading on jewellers he doesn't maintain his account and shows the profit exceeding limit for AY 2011-12.
Jagdish
(Article)
(123 Points)
Replied 06 June 2011
Please Give Me clearance on this
Thank to every one.........
| Originally posted by : gaurav rana | ||
 |
jewellary trading can not be taken to Presumptive Income Head. so for that profit you should File ITR-4. |
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sorry i was wrong. From now Every business are covered u/s 44AD except businees Covered u/s 44AE. So jewellary businees can also be taken to presumptive income head.
amit jain
(Chartered Accountant)
(532 Points)
Replied 07 June 2011
if income is within limit of audit then it may filed on presumptive basis and for which itr4s is used
vipul patel
(Ahmedabad)
(320 Points)
Replied 11 June 2011
as Per new amendment AY2011-12 of Sec 44AD If Gross T/o is not More than Rs 60,000 than he may file return on Presumptive basis and also not required to maintain the books of a/s
vkbothra
(Learning )
(690 Points)
Replied 11 June 2011
@ VIpul Patel..
Gross T/o not more than Rs. 60000/- ????
can you plz tell us more on this? when this rule is issued and kindly give us some more detail ...
:)
vipul patel
(Ahmedabad)
(320 Points)
Replied 11 June 2011
vkbothra
(Learning )
(690 Points)
Replied 10 July 2011
@ VIpul Patel
I had seen this topic, but i didn't found even "60000" written some where.
can you plz copy and paste
thank you
:)
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 10 July 2011
How to calculate limit of 60 lakhs?
• The Total Turnover and Gross receipts should be less than 60 lacs in the previous Year.
• It includes all the eligible businesses carried on by a eligible assessee during the previous year and the 60 lakhs will be for all of them cumulatively.
Few Examples:
1. X, A Resident individual, is carrying on three eligible business, the turnover of which is as under :
• Business A ( Manufacturing) Rs. 25 Lac
• Business B( Trading) Rs. 15 Lac
• Business C ( Service) Rs. 25 Lac
Whether section 44AD applicable on him?
The Answer is NO because turnover of eligible business exceed Rs. 60 Lakhs.
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