44 AD with normal p&l ?
This query is : Resolved
22 July 2011
Dear sirs,
my cousin is a collection agent in a bank. he got a gross payment of rs.11 lakhs (9 lakhs u/s 194 H & rs.2 lakhs u/s 194J).
my doubt is can we show income & expenditure type of a/c for 2 lakhs and apply 8% (44AD) for the remaining 9 lakhs ? or shall we apply 8% for the entire 11 lakh receipts?
pls guide.
my cousin is a collection agent in a bank. he got a gross payment of rs.11 lakhs (9 lakhs u/s 194 H & rs.2 lakhs u/s 194J).
my doubt is can we show income & expenditure type of a/c for 2 lakhs and apply 8% (44AD) for the remaining 9 lakhs ? or shall we apply 8% for the entire 11 lakh receipts?
pls guide.
22 July 2011
Yes. You can do so. But then you need to file the return in ITR-4.
I still want some clarification regarding the nature of income u/s 194J. Which type of service is your cousin providing. So that i can answer it more elaborately.
I still want some clarification regarding the nature of income u/s 194J. Which type of service is your cousin providing. So that i can answer it more elaborately.
22 July 2011
ji,
he is loan collectin agent. (two wheeler loan, car loans) he has employed few staffs under him & paying them salary. while he is getting his payment from banks after deduction of TDS.
he is loan collectin agent. (two wheeler loan, car loans) he has employed few staffs under him & paying them salary. while he is getting his payment from banks after deduction of TDS.
22 July 2011
Then you can opt for 44AD.
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