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Profit u/s 44 ad

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09 September 2012 one of my client who is contractor doing painting job to bud bodies and he has received say Rs.seven lakhs during the financial year 2011-2012 from XYZ co., The company has deducted TDS at 2% and issued form 16-A to contractor. can we declare his income u/s 44AB at 8% of gross receipts from contract work. Secondly which ITR FORM we shall use for filing the return. He is not having any other income.
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CA Sumiit B Nagpal

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CA Sumiit B Nagpal (Expert)
09 September 2012 Yes you can declare income under 44AD.. Form that should be used in this would be ITR4S
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