Labour charge
Nishu Kotian (332 Points)
09 November 2018
labour charges recived gold is bussiness or proffession. im declare 8% or 50 %
4 Replies
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 09 November 2018
Please explain your question properly.
Manish Manu
(198 Points)
Replied 09 November 2018
Presumptive income of 50% is stated in Sec 44ADA for an assessee engaged in professions as specified in Sec 44AA.
Sec 44AA has specified the list of professions/services i.e legal, medical, engineering, architectural profession or profession of accountancy, technical consultancy, interior decoration services or film artist.
Any other profession other than those specified in Sec 44AA falls under the ambit of Sec 44AD - i.e 8% of Turnover = Presumptive Income.
Accordingly Labour Charges received on account of Job Work is a business and 8% of Gross Receipt/Turnover is to be considered as Presumptive Income.
For any further clarification, feel free to mail me @ mnshdugar @ gmail.com
Sec 44AA has specified the list of professions/services i.e legal, medical, engineering, architectural profession or profession of accountancy, technical consultancy, interior decoration services or film artist.
Any other profession other than those specified in Sec 44AA falls under the ambit of Sec 44AD - i.e 8% of Turnover = Presumptive Income.
Accordingly Labour Charges received on account of Job Work is a business and 8% of Gross Receipt/Turnover is to be considered as Presumptive Income.
For any further clarification, feel free to mail me @ mnshdugar @ gmail.com
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 09 November 2018
| Originally posted by : Nishu Kotian | ||
 |
labour charges recived gold is bussiness or proffession. im declare 8% or 50 % |  |
Yes... I agreed to Mr Manish Manu's view.
@ Nishu Kotian.,
You can declare as Business Income @ 8% profit.
Nitesh bind
(Student CA Final )
(12692 Points)
Replied 09 November 2018
@ Manish Manu. Well Explained Mr Manish. Good Job.
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