Income from 44AD --- ( ITR 4)
This query is : Resolved
16 July 2007
Dear sir,
In case of ITR 4 the income from 44AD civil construction, assessee does not come under 44AA ,whether we requied to provide gross receiipts/profit as income ( Schdule P&L Item No 51) of the during the period.
Please give me an expert opinion.
Aleel
Calicut
In case of ITR 4 the income from 44AD civil construction, assessee does not come under 44AA ,whether we requied to provide gross receiipts/profit as income ( Schdule P&L Item No 51) of the during the period.
Please give me an expert opinion.
Aleel
Calicut
18 November 2007
Sir,
In case the turnover from civil construction does not exceeds Rs. 40 lacs and you are disclosing income @ 8% or more, you ar not liable to maintain books of account under I.T. Act. and accordingly you are required to provide gross receipts/ profit as inmcome (in item no. 51 as referred by you).
However, a question may arise, in absene of books of account how can a person find out the quantum of his gross profit?
It is my personal opinion (subjet to rectification by others)that, if one provides the figures of gross turnover and net profit, the return should b accepted as valid.
In case the turnover from civil construction does not exceeds Rs. 40 lacs and you are disclosing income @ 8% or more, you ar not liable to maintain books of account under I.T. Act. and accordingly you are required to provide gross receipts/ profit as inmcome (in item no. 51 as referred by you).
However, a question may arise, in absene of books of account how can a person find out the quantum of his gross profit?
It is my personal opinion (subjet to rectification by others)that, if one provides the figures of gross turnover and net profit, the return should b accepted as valid.
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