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This query is : Resolved
27 June 2012
Dear Sir,
I m a labour contractor & my gross receipt of Rs. 250000/-than how i filed return as gross receipt base return or make books of account & which exp. less in my income
I m a labour contractor & my gross receipt of Rs. 250000/-than how i filed return as gross receipt base return or make books of account & which exp. less in my income
27 June 2012
You are an eligible assessee u/s 44AD. Show income @ 8% of gross receipts and file ITR 4S.
27 June 2012
my gross receipt of rs. 250000 & i maintain books of account than exp. is 50000/- than how filed return
27 June 2012
1. You can either opt for Section 44AD and show income of Rs. 20,000 (2.5 lakh * 8%). In this case you will file ITR 4S.
2. You can also show higher income of Rs. 2,00,000 u/s 44AD.
Choice is yours.
2. You can also show higher income of Rs. 2,00,000 u/s 44AD.
Choice is yours.
27 June 2012
in first case how much tax liability & second case how much tax liability
27 June 2012
1. First case tax liability is NIL
2. Second case tax liability is Rs. 2,060
The tax has been calculated assuming you have no deduction u/s 80C, etc.
If you have made investments of minimum Rs. 20,000 then even in the second case your tax liability shall be NIL.
2. Second case tax liability is Rs. 2,060
The tax has been calculated assuming you have no deduction u/s 80C, etc.
If you have made investments of minimum Rs. 20,000 then even in the second case your tax liability shall be NIL.
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