Income from tailor & silai work
This query is : Resolved
24 May 2012
Dear Sir,
I have some tailoring works income. can i file my ITR u/s 44 AD as under
Gross Receipt 360000
Gross Profit 216000
Expenses 25000
Net Profit 191000
I have some tailoring works income. can i file my ITR u/s 44 AD as under
Gross Receipt 360000
Gross Profit 216000
Expenses 25000
Net Profit 191000
CA Mayank Chopra
(Expert)
24 May 2012
The plain reading of Section 44AD tells that you can file ITR u/s 44AD if you are an "eligible assessee".
“eligible assessee” means,—
(i) an individual, Hindu undivided family or a partnership firm, who is a resident, but not a limited liability partnership.
(ii) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading “C. - Deductions in respect of certain incomes” in the relevant assessment year;
Further “eligible business” means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of 28 [sixty lakh rupees].]
Hence, as per information provided by you, you fall under the category of eligible assessee.
For more updates:
Like my page on FB: https://www.facebook.com/camchopra
Email: ca.mayankchopra@gmail.com
“eligible assessee” means,—
(i) an individual, Hindu undivided family or a partnership firm, who is a resident, but not a limited liability partnership.
(ii) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading “C. - Deductions in respect of certain incomes” in the relevant assessment year;
Further “eligible business” means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of 28 [sixty lakh rupees].]
Hence, as per information provided by you, you fall under the category of eligible assessee.
For more updates:
Like my page on FB: https://www.facebook.com/camchopra
Email: ca.mayankchopra@gmail.com
CA Mayank Chopra
(Expert)
24 May 2012
The plain reading of Section 44AD tells that you can file ITR u/s 44AD if you are an "eligible assessee".
“eligible assessee” means,—
(i) an individual, Hindu undivided family or a partnership firm, who is a resident, but not a limited liability partnership.
(ii) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading “C. - Deductions in respect of certain incomes” in the relevant assessment year;
Further “eligible business” means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of 28 [sixty lakh rupees].]
Hence, as per information provided by you, you fall under the category of eligible assessee.
For more updates:
Like my page on FB: https://www.facebook.com/camchopra
Email: ca.mayankchopra@gmail.com
“eligible assessee” means,—
(i) an individual, Hindu undivided family or a partnership firm, who is a resident, but not a limited liability partnership.
(ii) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading “C. - Deductions in respect of certain incomes” in the relevant assessment year;
Further “eligible business” means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of 28 [sixty lakh rupees].]
Hence, as per information provided by you, you fall under the category of eligible assessee.
For more updates:
Like my page on FB: https://www.facebook.com/camchopra
Email: ca.mayankchopra@gmail.com
CA Mayank Chopra
(Expert)
24 May 2012
The plain reading of Section 44AD tells that you can file ITR u/s 44AD if you are an "eligible assessee".
“eligible assessee” means,—
(i) an individual, Hindu undivided family or a partnership firm, who is a resident, but not a limited liability partnership.
(ii) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading “C. - Deductions in respect of certain incomes” in the relevant assessment year;
Further “eligible business” means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of 28 [sixty lakh rupees].]
Hence, as per information provided by you, you fall under the category of eligible assessee.
For more updates:
Like my page on FB: https://www.facebook.com/camchopra
Email: ca.mayankchopra@gmail.com
“eligible assessee” means,—
(i) an individual, Hindu undivided family or a partnership firm, who is a resident, but not a limited liability partnership.
(ii) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading “C. - Deductions in respect of certain incomes” in the relevant assessment year;
Further “eligible business” means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of 28 [sixty lakh rupees].]
Hence, as per information provided by you, you fall under the category of eligible assessee.
For more updates:
Like my page on FB: https://www.facebook.com/camchopra
Email: ca.mayankchopra@gmail.com
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