44ad scheme


This query is : Resolved 

Quick Summary
This discussion clarifies the eligibility for the 44AD scheme when receiving contract income with TDS deducted at 1%. It confirms that individuals can opt for 44AD and file ITR-3 or ITR-4. The advice also touches upon determining the nature of business, reporting profit margins (6% or 8%), and aligning turnover with TDS details from Form 26AS, particularly for labour income under Section 194C.

05 November 2020 Can we adopt 44ad if contract income received and tds deducted @ 1percent and can we file itr3

05 November 2020 Yes, you can opt for 44AD and file ITR 4/3.

05 November 2020 What is contract income nature of business code and can we show profit @ 6 or 8 if payment received in next year

05 November 2020 What is the nature of contract. Show turnover based on 26AS TDS deduction.

07 November 2020 Yes Section 194C labour income


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