Matter of professional return

This query is : Resolved

Guest

Guest (Querist)

31 March 2012 gud afternoon sir,
supoose i m a lawyer . my turn over approx 18 lakh. than will i fill return with slab rate (1.80) or other plz reply.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 Since you are an individual, ALWAYS slab rates will apply, irrespective of the amount of income.

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Guest

Guest (Querist)

31 March 2012 thaks sir can i not fill return as per profit @ 8 % or less

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 No. Section 44AD does NOT apply to professionals.

In fact you will also have to maintain books of accounts and get your accounts audited.

Guest

Guest (Querist)

31 March 2012 THANKS SIR MEANS I CAN"T FILL RETURN AS PER PROFTI 8 % . BUT IF NY TURN OVER SHOULD CROSS THE LIMIT 15 LAKH THAN I WILL AUDITED MY ACCOUNT

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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31 March 2012 Yes, you cannot declare an income of 8%.

Further, since the gross receipts exceed Rs. 15 lakhs you will have to get your accounts audited.

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Guest

Guest (Querist)

31 March 2012 THANKS VERY MUCH SIR I ADD ANOTHER QUERY ABT. RETURN OF CONTRACTOR PLZ SIR REPLY OF IT

Guest

Guest (Querist)

22 June 2012 sir which form i will fill for professional return

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