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SAMIR DESAI (Querist)
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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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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27 June 2012 You are an eligible assessee u/s 44AD. Show income @ 8% of gross receipts and file ITR 4S.

SAMIR DESAI

SAMIR DESAI (Querist)
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27 June 2012 my gross receipt of rs. 250000 & i maintain books of account than exp. is 50000/- than how filed return

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

SAMIR DESAI

SAMIR DESAI (Querist)
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27 June 2012 in first case how much tax liability & second case how much tax liability

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

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