Section 44ad urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
07 September 2012
Dear Expert,
One of my client is engaged in the trading of Welding gases and Welding equipments. His total sale is around 8 lacs in FY 2011-12. Besides this he also has job work income of Rs. 1.5 lac from the repairing of welding equipments.
1. Whether he can opt Section 44AD or not.
2. For the purpose of this section what would be his turnover. ( As. 8 lac + 1.5 lac * 8%)
3.whether the itr 4S can be use.
Please clarify.
Thanks in advance.
One of my client is engaged in the trading of Welding gases and Welding equipments. His total sale is around 8 lacs in FY 2011-12. Besides this he also has job work income of Rs. 1.5 lac from the repairing of welding equipments.
1. Whether he can opt Section 44AD or not.
2. For the purpose of this section what would be his turnover. ( As. 8 lac + 1.5 lac * 8%)
3.whether the itr 4S can be use.
Please clarify.
Thanks in advance.
Dintakurthi Tirumala
(Expert)
07 September 2012
1) Yes, as per the new amendment to section 44AD he comes under section 44AD and he can opt section 44AD.
2) His turnover is Rs.9.5 lacs(8+1.5)
3) yes, He can use ITR-4S.
OM SAI SRI SAI JAI JAI SAI
2) His turnover is Rs.9.5 lacs(8+1.5)
3) yes, He can use ITR-4S.
OM SAI SRI SAI JAI JAI SAI
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