Section 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
11 April 2013
I am a small scale manufacturer. I am the proprietor of two companies. Company A has sales of Rs. 28 Lakhs with Net profit of Rs. 2,25,000.00
Company B has sales of Rs. 5 Lakhs with Net Profit of Rs, 50,000.00
Apart from the above, I earn about Rs. 25,000.oo from F.D. in bank.
Can I file the return under section 44AD using ITR4S (Sugam)
Company B has sales of Rs. 5 Lakhs with Net Profit of Rs, 50,000.00
Apart from the above, I earn about Rs. 25,000.oo from F.D. in bank.
Can I file the return under section 44AD using ITR4S (Sugam)
12 April 2013
Yes, you can file but you have to offer minimum income from Company A is Rs.2,24,000 and from Company B is Rs. 40,000 However you offering Rs. 2,25,000 and 50,000 respectively i.e more than the minimum income required. So you can file your return of income u/s 44AD using ITR-4S. However your gross total income will be = Profit from Company A + Profit from Company B + Interest from FD = 2,25,000 + 50,000 + 25,000 = 3,00,000.
Company A and Company B 's Profit are taxable under the business income and interest from FD taxable under income from other sources.
OM SAI SRI SAI JAI JAI SAI
Company A and Company B 's Profit are taxable under the business income and interest from FD taxable under income from other sources.
OM SAI SRI SAI JAI JAI SAI
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Liable to deduct tds and 44ADA
- Sale of Equity shares for Purchase of Residential Property
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ECO SUPPLY REPORTIONG IN GSTR-1
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- CCFS 2026 Schemed
- Subscription paid to foreign customer
- Two seprate Invoice needed
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
