Income tax on engineering consultancy
This query is : Resolved
25 August 2019
kinldy help on below
tds deducted us 194j.
and earlier year .2016-17 income shown under presumptive taxation 44ada
2017-18 same income declared under 44ad in itr 3.
now 2018-19 for correct filling i am using itr 4 under premptive taxation under 44ad by declaring more than 8 % profit..
is it right practice for showing professional income under business income??.
beacuse as i know engineering consultancy services is professional services...
can i file us 44ad for lower profit @8% than 50% of professional income us 44ada
tds deducted us 194j.
and earlier year .2016-17 income shown under presumptive taxation 44ada
2017-18 same income declared under 44ad in itr 3.
now 2018-19 for correct filling i am using itr 4 under premptive taxation under 44ad by declaring more than 8 % profit..
is it right practice for showing professional income under business income??.
beacuse as i know engineering consultancy services is professional services...
can i file us 44ad for lower profit @8% than 50% of professional income us 44ada
26 August 2019
Engineering consultancy services is professional services, you.can't file us 44ad for lower profit @8%. File with 50% of professional income us 44ADA.
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26 August 2019
but he is doing business and employed 5 nos of employees.
26 August 2019
Declare business income separably under 44AD.
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26 August 2019
THANKS FOR HELPING.ANOTHER QUERY
MR.X EARNED INCOME FROM INTRA DAY TRADING. HIS TOTAL SALES IS 72,00,000 AND TOTAL PURCHASE IS 71,50,000 SO HIS PROFIT IS 50000. NOW I AM FILLING ITR 3. QUESTION IS 1.WHERE TO SHOW THIS SALES A.C MEANS IN TRADING A/C THERE IS 3 OPTION A.SALES OF PRDUCTS/GOODS B.SALE OF SERVICES C.OTHERS OPERATION 2. I AM LIABLE FOR 44AB???.
Read more at: https://www.caclubindia.com/experts/income-from-intra-day-trading-2758904.asp
MR.X EARNED INCOME FROM INTRA DAY TRADING. HIS TOTAL SALES IS 72,00,000 AND TOTAL PURCHASE IS 71,50,000 SO HIS PROFIT IS 50000. NOW I AM FILLING ITR 3. QUESTION IS 1.WHERE TO SHOW THIS SALES A.C MEANS IN TRADING A/C THERE IS 3 OPTION A.SALES OF PRDUCTS/GOODS B.SALE OF SERVICES C.OTHERS OPERATION 2. I AM LIABLE FOR 44AB???.
Read more at: https://www.caclubindia.com/experts/income-from-intra-day-trading-2758904.asp
26 August 2019
Show the profit under speculative business 44AB not applicable as turnover within limits.
26 August 2019
THANKS ..................................
03 September 2019
Welcome.............
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