Contract income
This query is : Resolved
Prashant Kumar Gupta
(Querist)
27 December 2012
IF ANY ONE RECEIVED 14,13,304/- LESS TDS 32,088/-
THEN I WANT TO KNOW THAT HOW CAN I CALCULATE EXPENSES OF ABOVE INCOME.
PARTY IS NOT MAKING BOOKS OF ACCOUNTS.
THEN I WANT TO KNOW THAT HOW CAN I CALCULATE EXPENSES OF ABOVE INCOME.
PARTY IS NOT MAKING BOOKS OF ACCOUNTS.
Dintakurthi Tirumala
(Expert)
27 December 2012
You have to required to offer minimum of 8% of income on gross receipts for tax purpose under section 44AD. I.e minimum of Rs.113064 has to offer for tax purpose if you want to higher income then you can offer. In case if you want to offer lower income then you should required maintain of books u/s 44AA and has to make tax audit u/s44AB(if as per section requires).
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Pankaj Gupta
(Expert)
27 December 2012
Yes I agree with the expert. You should show at least 8% of the receipt as income under sec 44ad
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