Income tax return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 July 2012
Dear expert,
One of my client is engaged in trading of welding gases and welding eqipments. In FY 2011-12, his total sales are Rs. 550000/- and apart from that he has receipts of Rs. 150000/- from jobwork of welding eqipments repairing in the same FY.
Here I want to know that can he opt Section 44AD for the same. And what would be his turnover for the purpose of Section 44AD. In my view his turnover should be Rs. 550000/- + 150000/- = 700000/- to calculate net profit @8%.
Please advise me.
One of my client is engaged in trading of welding gases and welding eqipments. In FY 2011-12, his total sales are Rs. 550000/- and apart from that he has receipts of Rs. 150000/- from jobwork of welding eqipments repairing in the same FY.
Here I want to know that can he opt Section 44AD for the same. And what would be his turnover for the purpose of Section 44AD. In my view his turnover should be Rs. 550000/- + 150000/- = 700000/- to calculate net profit @8%.
Please advise me.
CA PARAS BAFNA
(Expert)
06 July 2012
As per 44AD, your view seems to be fit and correct, but you can declare higher income, looking to the ground realities of the case.
.
In 56000/- it is very difficult, nowadays, to meet even house hold expenses. Think about all other items like LIC Premium and Savings A/c Balance etc and show income up to a genuine level.
.
.
In 56000/- it is very difficult, nowadays, to meet even house hold expenses. Think about all other items like LIC Premium and Savings A/c Balance etc and show income up to a genuine level.
.
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