Proprietor ship tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
17 September 2012
Dear Sir,
My Client operate two Proprietor Ship Firm, 1 is Contractor 2. is Constancy business regarding the immovable property, he received a 10 Lakh in consultancy business and some expenses from this business, and received Rs. 1500000/- for construction of a House out of 1375000/- Withdraw form his account detail of expenses not available because he paid cash to his labour, raw material & ETC.
1. Can i file his return 8% Profit on his turnover because his receipt below the 40,00,000/- ( No TDS deducted form his receipt)
2. If no How Can i Compute his income?
My Client operate two Proprietor Ship Firm, 1 is Contractor 2. is Constancy business regarding the immovable property, he received a 10 Lakh in consultancy business and some expenses from this business, and received Rs. 1500000/- for construction of a House out of 1375000/- Withdraw form his account detail of expenses not available because he paid cash to his labour, raw material & ETC.
1. Can i file his return 8% Profit on his turnover because his receipt below the 40,00,000/- ( No TDS deducted form his receipt)
2. If no How Can i Compute his income?
17 September 2012
Yes, You can file his return according to the section 44AD i.e minimum 8% profit on gross turnover.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- SGST balance is there in credit ledger how to adjust for cgst
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
