Applicability of itr and sec. 44ad
This query is : Resolved
15 March 2016
One of my client is small contractor. His income (turnover) during FY 13-14 is Rs. 15.00 Lakhs and also he earned agricultural income of Rs. 50,000/-.. My question is Presumptive section 44AD is applicable to this client ? can we consider income as 8 % of Rs. 15.00 Lakhs under section 44AD and file ITR 4S?
Prakash Kochar
(Expert)
17 March 2016
Yes, return can be filed showing income u/s. 44AD
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