My income calculated as per provision of sec 44AE is 5,60,300. Total income shall be less than 5 lac after deduction.
and under 26AS tds of ₹53,747 on amount of ₹43,92,925 is deducted under 194C.
can I claim refund of Rs. 53,747 by filing ITR of Rs.5,60,300.
or I will have to show income higher of:-
(I) income as per 44AE or
(ii)income actually shown in 26AS.
please resolve.
3 Replies
CA. Sourav Sarkar
(Chartered Accountant )
(24583 Points)
Replied 02 March 2021
You should show income as per 44AE as per presumptive taxation as by opting for presumptive income you should maintain it for 5 years including 194C as per 26AS
Online Query
(CA Final Student)
(120 Points)
Replied 02 March 2021
@ Sourav
which amount of income under ITR.
560300 or 4392925.
and you mean to say no refund?
which amount of income under ITR.
560300 or 4392925.
and you mean to say no refund?
Avtar Singh
(363 Points)
Replied 03 March 2021
U/s194c in form no. 26às tds deduction is on total receipt and not on the total income of the assessee as per 44ae.So file return as per the income works out u/s 44ae
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