Good Day!!
An individual, who is a wholesaler, has NP of about 10% of T/o,in his Textile business. He has maintained accounts and his turnover is about 20 lacs. Can he look for option u/s. 44AD and file return by showing 8% Presumptive income.
For Ex.
Can the Individual file return with 1.60 lacs of Business Income in ITR4S?
Thanks & Regards
Sunil
Yes,
because individual is eligible assessee as per Sec.44AD
And Sec.44AA not applicable on the assessee.
Mr Mahajan is correct. You can clim Rs 1.6L as profit.
Sec 44AD says Income should be 8 % of T/o OR HIGHER Claimed by assessee. If you want you can claim Rs 2L but you Can't go below 8 % i.e Rs 1.6L. For claiming Income lower than 8% you have to maintain books.
We claim profit to be 1.6 L but it is not ethical..
you are not doing this by wrong means... Its legally allowed.
Ethics comes in picture when you are doing something ILLEGAL.
Either you go by Ethics or Pay more...
Totally agree with arun....
also agree with Ashish...
Yes u can claim proft @ 8% but if u have not any other income and also u have any payment which fall under deduction 80 C than i will suggest u to go declare more than 8% because its more than basic exepmtion limit.
yaah he can definately file irt4 with 1.6 lacs because this provision allows u not to get ur account audited or maintain book u/s 44AB. IF an idividual wants to get cover under 44AD....his annual turn over is also below 600000.....if he does not want to attravt 44AD to himself and if his income is more than the income calcuated under 44AD....he will have to maintain books of accounts and get it audited dy a CHARATED ACCOUNTANT......
Suppose any person is registered under UP VAT. Can same person eligible for 44AD ?
| Originally posted by : CA.Kanhaiyalal Gupta | ||
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Suppose any person is registered under UP VAT. Can same person eligible for 44AD ? |
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Yes, This person also eligible subject to 44AB.
Is section 44ad even applicable for Receipts from job works....
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