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?
Dintakurthi Tirumala
(Expert)
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
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