Matter of form u/s 44ae or u/s 44ad

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Guest

Guest (Querist)

12 May 2012 Gud morning to all experts,
supoose if i will show income as per alpplicable by u/s 44ad or u/s 44ae. than i will fill itr4s but if i will not do as per applicable by u/s 44ae or u/s 44ae . than which form i will fill

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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12 May 2012 You will have to file ITR 4.

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Guest

Guest (Querist)

25 May 2012 thanks for reply sir, if my turnover u\s 44ad above 100 lakh. and i have more than 10 truck than i will also calculate my tax 8% u\s 44ad and 5000 fo rheavey and 4500 for light vechile

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 May 2012 1. If your turnover exceeds Rs. 100 lakhs, you are NOT eligible to claim benefit u/s 44AD.

2. Also if the number of trucks exceed 10, you are NOT eligible to claim benefit u/s 44AE.

You will have to maintain books of accounts for both the business and also get them audited.

You can show any amount of profit.

Guest

Guest (Querist)

25 May 2012 can u not tell me with example

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 May 2012 What example do you need?

1. Your turnover will be on actual basis.
2. Your expenses will be on actual basis.
3. You will be eligible to claim depreciation on the assets.

Turnover - expenses - depreciation will be your profit (actual profit).

This will be your income from business.

Guest

Guest (Querist)

25 May 2012 supoose
turn over receipt- 1.5 crore
salary - 5 lakh
dep- 10000
than sir what will mt income

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 May 2012 This salary is your income or you have paid salary?

Guest

Guest (Querist)

25 May 2012 i give to my employee

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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25 May 2012 Income = Turnover - Salary - Depreciation

Rs. 14,49,000