Section 44-ad
This query is : Resolved
06 August 2010
Hi,
i am doing garage work can i file I.T.Return u/s 44-ad
i am doing garage work can i file I.T.Return u/s 44-ad
06 August 2010
No you are not eligible for 44ad.
Section 44AD is applicable to all assessees whose gross receipts from the civil construction business do not exceed Rs. 40 lakh. Gross receipts are the amount received from the clients for the contract and will not include the value of material supplied by the client.
Civil Construction includes the construction or repair of buildings, dams, bridges or other structures, or of roads or canals. It will also include the execution of any other works contract. Thus,it will include work related to electrical fittings, plumbing job, landscaping work, etc.
Section 44AD is applicable to all assessees whose gross receipts from the civil construction business do not exceed Rs. 40 lakh. Gross receipts are the amount received from the clients for the contract and will not include the value of material supplied by the client.
Civil Construction includes the construction or repair of buildings, dams, bridges or other structures, or of roads or canals. It will also include the execution of any other works contract. Thus,it will include work related to electrical fittings, plumbing job, landscaping work, etc.
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06 August 2010
Agreed
06 August 2010
Sec. 44AD apllies only for assessee engaged in the business of civil construction or supply of labour for civil construction.
Garage service is not covered.
Garage service is not covered.
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