21 May 2014
conditions are simple. as long as your revenue is Less than 1 cr and you are doing an eligible business, you need to offer income at 8% of total revenue and tax thereon.
21 May 2014
Dear Nikhil Ji..the term used in section 44AD is eligible business. Though professions in section 44AA(1) has been specifically excluded and 44AA(1) does not include teaching profession it is a profession and not business.
So do you think that or are of the view that it will be applicable to teaching profession.
My stress is on eligible business:
"eligible business" means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount one crore rupees.
It is a natural thing that income tax act doesnt add even single word without purpose. The whole purpose of excluding 44AA(1) was to tell what is not included in 44AD. had the intention was to exclude the whole of professions, 44AD could have simply state that no profession is covered under it!
(a) carrying on business shall, if his total sales, turnover or gross receipts, as the case may be, in business exceed or exceeds 74a[forty lakh rupees] in any previous year 75[***]; or
(b) carrying on profession shall, if his gross receipts in profession exceed 75a[ten lakh rupees] in any 76[previous year; or
(c) carrying on the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under 77[section 44AD or section 44AE or section 44AF] 78[or section 44BB or section 44BBB], as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as the case may be, in any 79[previous year,]] 80[***]
1. My approximate net Income from Tuitions is Rs. 125000/- 2. Interest Income Rs.75000/- 3. There is some investment qualified under section 80 c
If I have to maintain Books of accounts then Can I file ITR 4S
22 May 2014
Sanjay..u can interpret it the way you prefer. My opinion is based on multiple discussions with several experienced professionals specially in regards to coaching
22 May 2014
sirs, 1.Can you tell me what are the deductions available under CHAPTER VIA HEADING C
2. How to show PPF interest In ITR4S?
3. One of the conditions of Section 44AD for eligible assessee is " assessee should not have claimed any deduction UNDER CHAPTER VIA HEADING C" please explain this
the same question was once discussed with tax experts such as Girish ahuja in specific context of Tuition/coaching classes. He concurred with the view that tuition classes can be included.
On the same basis returns were filed and as on today assessment is on. So lets see if the AO concurs or not.
CAclubindia
