44ad under income tax act
This query is : Resolved
30 September 2013
We are filling income tax return with use of sec 44 AD.
Business is - Breaking contract of concrete slabs.
our turnover is 20 lakhs (Partnership Firm)
Query -
1. can we file income tax return without profit and loss account and balance sheet, using special business option.
2. are we liable to any other tax such as service tax , works contract.
Business is - Breaking contract of concrete slabs.
our turnover is 20 lakhs (Partnership Firm)
Query -
1. can we file income tax return without profit and loss account and balance sheet, using special business option.
2. are we liable to any other tax such as service tax , works contract.
01 October 2013
1. No. if you want to file Zero profit return, then u need to maintain books under 44AA and get ur accounts audited under 44AB.
Undre 44AD, you shall have to declare atleast Rs 1,60,000 as profit and pay 30% tax thereon.
2. Yes service tax etc will apply.
Undre 44AD, you shall have to declare atleast Rs 1,60,000 as profit and pay 30% tax thereon.
2. Yes service tax etc will apply.
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