Itr not filled due to tyax liability
This query is : Resolved
sandeep kumar
(Querist)
08 October 2013
dear sir,
we are running a partnership firm and working as construction company(work Contract) turnover is 51 lac for f.y. 2012-13 and i have some liability against vat & service tax which are not paid till date can i filled our income tax return without tax depositing at a time please help me Reply as soon as possible
we are running a partnership firm and working as construction company(work Contract) turnover is 51 lac for f.y. 2012-13 and i have some liability against vat & service tax which are not paid till date can i filled our income tax return without tax depositing at a time please help me Reply as soon as possible
Nikhil Kaushik
(Expert)
09 October 2013
Sandeep bhai,
irrespective of whether you have deposited VAT and service tax, you can choose to file return under 44AD. Assuming Rs 51 lac figure is correct, you can pay tax on presumptive profit figure of 8% ie Rs 408000.
irrespective of whether you have deposited VAT and service tax, you can choose to file return under 44AD. Assuming Rs 51 lac figure is correct, you can pay tax on presumptive profit figure of 8% ie Rs 408000.
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CA Pallav Singhania
(Expert)
09 October 2013
It doesn't create any issue whether your liability is with VAT and Service tax, Income tax has to be paid and return has to be filled on time..
Yes, as per suggested by Expert, you can avail the Sec. 44AD presumptive income, and can show 8 percent on the turnover...
Note: In case assessee declaring profit lower than 8% of Turnover/Gross Receipts due date for filing of Return will be 30th Sept, since Books of Accounts are required to be audited u/s. 44AB.
Yes, as per suggested by Expert, you can avail the Sec. 44AD presumptive income, and can show 8 percent on the turnover...
Note: In case assessee declaring profit lower than 8% of Turnover/Gross Receipts due date for filing of Return will be 30th Sept, since Books of Accounts are required to be audited u/s. 44AB.
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