Sec 44ad

This query is : Resolved

Dinesh Mertiya (Querist)
Follow

20 April 2013 Good Morning
I have Sales Rs 44 Lakhs for A.Y 2012-13 and Rs 60000 as Commission and Rs 52650 as Interest is credited to Profit and Loss A/c.
Profit for the above year is less than 8%.

I want to file my return u/s 44 AD , Should I include Interest and Commission with Sales for determining Total Turnover/ Gross Receipt for calculating Profit @ 8% of Turnover or not.
Thank you

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

20 April 2013 You are too late in filing the return for the AY 2012-13.
.
You have to show commission income separately under the head PGBP- i.e. as a business income and Interest under the head IFOS- other sources. You can not include these into sales.
.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now