44ad

This query is : Resolved

madhava deekonda (Querist)
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24 July 2019 Dear sir/madam
i am in teaching profession. i am receiving contract base salary 20000 per month and tds is deducted under secion 194j. i would like show my entire gross receipts (240000) as Profit under section 44AD can i show income like this in ITR 4 since i am not exceeding basic exemption limit.
please help me sir
thanking you

CMA ALKESH PATEL

CMA ALKESH PATEL (Expert)
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26 July 2019 you can file ITR 4 UNDER BUSINESS CODE 17007 IN SEC 44AD

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madhava deekonda

madhava deekonda (Querist)
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26 July 2019 THANK YOU SIR @CMA ALKESH PATEL
But my doubt is
gross receipts 240000
instead of 8% of profits , can i show 100% of my receipts as profit in ITR 4
if i declare profit @ 8% my income is only 19200. If i show my entire gross receipts as income i can show my gross total income as 240000.
can declare income @100% profits.
please help me in this regard sir.
thanking you

CMA ALKESH PATEL

CMA ALKESH PATEL (Expert)
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26 July 2019 YES YOU CAN DECLARE 100% PROFIT. BUT NOT LESS THEN 8%

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