Presumptive income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
27 January 2014
Hi all
My uncle is working as engineer in ship .
His total Income for FY12-13 is Rs.11,96,129
The shipping company deducted TDS u/s 194J for Rs.1,19,612 . Is he opt for filling IT under presumptive basis... If it is so the entire TDS amount is refundable , can he do like that ??? Kindly suggest me.....
My uncle is working as engineer in ship .
His total Income for FY12-13 is Rs.11,96,129
The shipping company deducted TDS u/s 194J for Rs.1,19,612 . Is he opt for filling IT under presumptive basis... If it is so the entire TDS amount is refundable , can he do like that ??? Kindly suggest me.....
Dintakurthi Tirumala
(Expert)
27 January 2014
You uncle's working is comes under professional category(Service), Means your uncle's income chargeable to tax under the head Income from Profession, So for professionals section 44AD presumptive income doesn't apply, means he couldn't offer his income under presumptive basis,
So he has to maintain regular books of accounts and has to prepare Profit and loss account and balancesheet and then has to compute tax liability based on the profit earned as per financial reports after making adjustment as per IT act if any and then adjust such tax payable with the TDS amount and pay the balance of tax if any or claim balance of excess TDS if any as refund.
OM SAI SRI SAI JAI JAI SAI
So he has to maintain regular books of accounts and has to prepare Profit and loss account and balancesheet and then has to compute tax liability based on the profit earned as per financial reports after making adjustment as per IT act if any and then adjust such tax payable with the TDS amount and pay the balance of tax if any or claim balance of excess TDS if any as refund.
OM SAI SRI SAI JAI JAI SAI
Dhirajlal Rambhia
(Expert)
09 October 2021
UPDATE: After the introduction of Sec. 44ADA, the income can be declared under presumptive scheme at 50% margin.
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