T/o, gross receipts <60 lac, 44ad for all assessee ?
This query is : Resolved
20 February 2012
hello everyone,
there are many individual clients having t/o, gross receitps less than 60 lacs. practically they do not maintain any books of accounts even if they are liable to maintain. so far we have been filing ITR-4 returns.
i think we should file ITR-4S and opt for presumptive taxation u/s. 44AD for all these type of assessees(carpenter, civil contractor, doctors, musicians etc.)
waiting for ur suggestions ?
there are many individual clients having t/o, gross receitps less than 60 lacs. practically they do not maintain any books of accounts even if they are liable to maintain. so far we have been filing ITR-4 returns.
i think we should file ITR-4S and opt for presumptive taxation u/s. 44AD for all these type of assessees(carpenter, civil contractor, doctors, musicians etc.)
waiting for ur suggestions ?
20 February 2012
As you know, 44AD (substituted w.e.f 1/4/2011) is for computing income from "business" and can't be applied for computing income from "profession". Therefore, a case has to be analysed considering the explanation given ,in the said section ,for 'eligible assessee' as well as 'eligible business'. If the case squarely fit into those explanations, section 44AD can very well be opted if the assessee wishes so.
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