Return filling

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2012 Dear Sir/Mam,

Can you give me information for filling Income tax return for a contractor(indivudal).
1. ITR RETURN APPLICABLE
2. BALANCE SHEET AND INCOME EXPENDITURE IS ALSO REQUIRED
3. INCOME FROM CONTRACT IS NEAR ABOUT Rs.60 lacs

Please give me suggetion.

Thanks
R.S.choudhary

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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13 April 2012 His total receipts doesn't exceeded the Rs.60 lacs then he is liable to show income as per section 44AD i.e 8% on gross receipts or more in such case he is sufficient to file his return of income in ITR-4S in such case balance sheet and income and expenditure statements not required because it is presumptive income. If he want to show the lower income than prescribed as per section 44AD then He has to maintain regular books of accounts and has to prepare balancesheet and Income and expenditure account and in case he offering income exceeds the basic exemption limit then he has to audit his books as per section 44AB. In such case he has to file his income tax return in ITR-4.

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