U/s 44ad
This query is : Resolved
30 September 2012
My client has opted for filing of IT Returns u/s 44AD by declaring 8% of his total gross receipts for the Asst Year 12-13. But in the statement of affirs ( Balance sheet ) shows some expenses payable like ( Salary & Rent Payable )which are debited in the Profit and Loss A/c (i) Can he show expenses payable of the expenses allowed u/s 30 to 38 of the IT Act.
30 September 2012
Filing ITR4S is better in such cases. If you are filing ITR4 then click on "no account case" On top of that if you are maintaining the books of accounts, provisioning is not BARRED by 44AD
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