Please advice me whether I can show labour charges (Repair Charges, etc.) received under Presumtive taxation u/s 44AD.
Whther Tution fees received can be shown u/s 44AD?
Kindly help as soon as possible.
Dimple Kotak (Accounts & Tax ) (185 Points)
14 March 2013Please advice me whether I can show labour charges (Repair Charges, etc.) received under Presumtive taxation u/s 44AD.
Whther Tution fees received can be shown u/s 44AD?
Kindly help as soon as possible.
Hemant
(CS)
(33 Points)
Replied 14 March 2013
Any business except plying, hiring or leasing goods carriages referred in S. 44AE and whose turnover is less than Rs. 1 crore during the previous year.
Presumptive or estimated income: Sum equal to 8% of the total turnover or gross receipt of the assessee.
if u are not maintaing books of accounts simply u have to pay 8 % of the turnover.
Here are some important points which one should consider while opting for section 44AD:
Live class on PF & ESI Enrollment & Returns Filing(with recording)
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