Sec 44ad
This query is : Resolved
Dinesh Mertiya
(Querist)
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
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
(Expert)
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 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.
.
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