Plz expert reply

This query is : Resolved

Guest

Guest (Querist)

09 January 2012 good morning sir,
plz help me sir that my father have 2 buses hired by a fectory and gross turn over approx 15 lakh. sir plz told me that in which section i will fill my return . and which itr form i will choose.
I want to ask this question because some experts says that u will fill itr4s and some experts says that u will fill itr 4.
so I want that plz the great expert plz clear my doubt that which form I will fill.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

09 January 2012 ITR 4S is applicable for persons who fall within the perview of presumptive taxation.

Presumptive taxation means income is taxable either under Section 44AD or Section 44AE.

Section 44AE is applicable for
computing profits and gains of business of plying, hiring or leasing goods carriages.

Buses do not come within the definition of GOODS CARRIAGE.

So you cannot avail benefit under Section 44AE.

However, you can still claim benfit under Section 44AD.

Section 44AD is applicable to ALL business except business of plying, hiring or leasing goods carriages.

Conditions to be fulfilled for availing benefit under Section 44AD:

1. Gross turnover should be less than Rs. 60 lakhs.

2. Minimum 8% of gross receipts to be declared as income.

If you fulfill the above conditions, you will file return under Section 44AD and fill ITR 4S.

Message likes : 1 times

Guest

Guest (Querist)

11 January 2012 but sir i m a firm and sir if my gross turn over less than 60 lakh. than sir will i audited my account.because my income above than 15 lakh.

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

11 January 2012 Firstly, Section 44AD is applicable to an individual, HUF and a partnership firm (but not LLP).

Secondly, since your gross receipts are less than Rs. 60 lakhs, you automatically fall within the perview of Section 44AD.

Accordingly, you are not required to maintain books of accounts and you are NOT REQUIRED to get your accounts audited.

Guest

Guest (Querist)

11 January 2012 SIR CAN U SAND ME FULL DETAIL ABOUT THIS. SIR PLZ SIR I M NOT SATISHFIED PLZ SIR CAN U SAND ANY NOTES IN MY MAIL ID .PLZ SIR
khulbe.rajeev50@gmail.com

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

11 January 2012 What exactly are you confused about? Let me summarize the position.

1. Section 44AE is not applicable since taxis are not goods carriages.

2. Section 44Ad is applicable since gross receipts are less than Rs. 60 lakhs.

3. Since Section 44AD is applicable and if you show a minimum income of 8% of the receipts, Section 44AA (maintenance of books of accounts) and Section 44AB (audit of accounts) are NOT APPLICABLE.

4. Moreover, Section 44AB (audit of accounts) is mandatory only if the gross receipts exceed Rs. 60 lakhs.

Guest

Guest (Querist)

11 January 2012 1-I M CONFEUSED THAT Y I WILL NOT AUDITED MY ACCOUNT. WHILE I M A FIRM.
2-PLZ TELL ME IN SIMPLE LANGUAGE THAT EXACTELY WHICH FORM I WILL FILLED.AND WHICH SECTION.
3- SIR PLZ GIVE ME UR GMAIL ID I WANT TO TALK WITH U

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
Follow

11 January 2012 See my reply above. I have clarified your doubts.

Guest

Guest (Querist)

11 January 2012 THANKS SIR

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join the CA Students WhatsApp Community for ICAI Updates, Trending Courses & Notes!

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

HITESH NIRANJAN SAHU

REGIWISE CONSULTANTS PVT LTD

R M Shekhaliya

CA Aakarsh Jain

SUMAN SAHA

Subscribe Now

Plz expert reply

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Senior Executive

Manager- Finance and Compliance

GST CONSULTANT

GST CONSULTANCY

Accountant

CA Final

Article Assistant

Associate CA