Can i declare income u/s 44ad
This query is : Resolved
yellanki rathna giri
(Querist)
18 August 2011
Dear all,
please clarify my doubt
I am civil contractor, my gross receipts value was 15,00,000.00 (receipt & payment transactions through bank a/c only) and as per my accounts net value was 3,75,000.00 then income tax was 22,145.00
if I show my income U/s44AD (8%)then net value will be 1,20,000.00 then no tax
so can file my return U/s44AD ?
if I show like this do I get any problem from income tax department in future
Is there any particular instructions in income tax act
please clarify my doubt
I am civil contractor, my gross receipts value was 15,00,000.00 (receipt & payment transactions through bank a/c only) and as per my accounts net value was 3,75,000.00 then income tax was 22,145.00
if I show my income U/s44AD (8%)then net value will be 1,20,000.00 then no tax
so can file my return U/s44AD ?
if I show like this do I get any problem from income tax department in future
Is there any particular instructions in income tax act
CA Navin Jain
(Expert)
18 August 2011
Yes, You can determine your income under sec 44AD.
There is no particular instructions in income tax act.
There is no particular instructions in income tax act.
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