Income tax on engineering consultancy
This query is : Resolved
harshit darji
(Querist)
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
CA R SEETHARAMAN
(Expert)
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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harshit darji
(Querist)
26 August 2019
but he is doing business and employed 5 nos of employees.
CA R SEETHARAMAN
(Expert)
26 August 2019
Declare business income separably under 44AD.
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harshit darji
(Querist)
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
CA R SEETHARAMAN
(Expert)
26 August 2019
Show the profit under speculative business 44AB not applicable as turnover within limits.
harshit darji
(Querist)
26 August 2019
THANKS ..................................
CA R SEETHARAMAN
(Expert)
03 September 2019
Welcome.............
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