Itr for contractors. is it manadatory yo keep books of accounts?
This query is : Resolved
30 July 2014
I am a civil contractor undertaking small contracts like road making, sewage cleaning etc. from Municipal Corporation. My turnover for FY 2013-14 is around Rs.50 Lakhs. Whereas net profit is less than Rs.2 Lakhs. Is it manadatory to mainatain books of accounts? Can I show income on presumptive basis u/s 44AD? Which ITR should I file ITR 4 or ITR 4s to get TDS refund?
31 July 2014
as such it is not necessary to maintain books. however, income-tax department does insist on it!!
if you show on presumptive basis, you will end up with tax liability of around R 18000 (assuming no 80C deduction)
if you show on presumptive basis, you will end up with tax liability of around R 18000 (assuming no 80C deduction)
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