Section 44AD
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
04 July 2011
Dear friends,
I have one client whose is retial business as well as some has job work business. He maintain books of accounts.His net profit comes more than 8% when included job work and discount income which is credited to profit & loss account. But it comes less than 8% when excluded job work & discount inccome. What is right way for measuing 8% of gross turnover/receipts.
Please clerify this a big query
I have one client whose is retial business as well as some has job work business. He maintain books of accounts.His net profit comes more than 8% when included job work and discount income which is credited to profit & loss account. But it comes less than 8% when excluded job work & discount inccome. What is right way for measuing 8% of gross turnover/receipts.
Please clerify this a big query
05 July 2011
You have to take into consideration all income from that particular business and if the turn over is below the limit as fixed u/s 44AB then the net profit should not be less then 8%. If by including the job work and discount it comes to 8% then file your return on the basis of 8% or more and pay the taxes accordingly.
Your client is doing job work for the same business for which he is doing the retail this means it is the same nature of business and discount is also earned from the very business.
Your client is doing job work for the same business for which he is doing the retail this means it is the same nature of business and discount is also earned from the very business.
CA. Krishna K Neeraj
(Expert)
05 July 2011
Turnover or gross profit for the purpose of section 44AD includes all receipt including job work and any other income.
Just show 8% profit presumptive basis on gross receipts and file ITR 4S
Just show 8% profit presumptive basis on gross receipts and file ITR 4S
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
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- EPF ECR NEW RULES Sep 17th 2026
- Taxation of crypto futures in India Fy 2026- 2027
- Issuing of delivery challan by seller of goods
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Condonation Request sec 119(2) b -Enhancement Limit of Leave Exemption prior to AY 2023
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
