Income tax return
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 March 2013
Hi,
I want to file ITR of my client who is contractor.He got payment for doing govt contract.Details is as beolw.
Income from govt contract :RS 2,96,610/-
Income from other contract: Rs 1,45240/
Total income:Rs.441850
Direct exp: Rs 3,11,130/-
Gross profit :Rs 130720/-
Indirect Exp: Rs 24078
Net profit Rs :Rs 1,06,642/-
We didn't maintain books of a/c
My query is Should i mention his income as Profession without books or
Presumptive profit u/s 44AD.
Plz guide me
I want to file ITR of my client who is contractor.He got payment for doing govt contract.Details is as beolw.
Income from govt contract :RS 2,96,610/-
Income from other contract: Rs 1,45240/
Total income:Rs.441850
Direct exp: Rs 3,11,130/-
Gross profit :Rs 130720/-
Indirect Exp: Rs 24078
Net profit Rs :Rs 1,06,642/-
We didn't maintain books of a/c
My query is Should i mention his income as Profession without books or
Presumptive profit u/s 44AD.
Plz guide me
13 March 2013
You should offer income under presumptive basis i.e minimum of 8% profit on gross receipts u/s 44AD. Thus you should be offer minimum of profit is Rs.35,348/- but you offering Rs.1,06,642 so it is acceptable.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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