44AD
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 April 2010
An assessee engaged in electric fiting work for the builder constructing the new building whether the assessee getting the benefit of section 44AD
03 April 2010
YES THE ASSESSEE WILL GET BENIFIT OF SEC 44AD.
# Section 44AD is applicable to all assessees whose gross receipts from the civil construction business do not exceed Rs. 40 lakh. Gross receipts are the amount received from the clients for the contract and will not include the value of material supplied by the client.
# Civil Construction includes the construction or repair of buildings, dams, bridges or other structures, or of roads or canals. It will also include the execution of any other works contract. Thus,it will include work related to electrical fittings, plumbing job, landscaping work, etc.
# The income from the civil construction business will be estimated at8 per cent of the gross receipts paid or payable to an assessee. A taxpayer can voluntarily declare a higher incomein his return.
# Section 44AD is applicable to all assessees whose gross receipts from the civil construction business do not exceed Rs. 40 lakh. Gross receipts are the amount received from the clients for the contract and will not include the value of material supplied by the client.
# Civil Construction includes the construction or repair of buildings, dams, bridges or other structures, or of roads or canals. It will also include the execution of any other works contract. Thus,it will include work related to electrical fittings, plumbing job, landscaping work, etc.
# The income from the civil construction business will be estimated at8 per cent of the gross receipts paid or payable to an assessee. A taxpayer can voluntarily declare a higher incomein his return.
05 April 2010
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