Urgent reg. presumptive income

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Vanita (Querist)

28 June 2014 which ITR form is applicable to assessee having presumptive income along with more than one house property income.

Also, please let me know that will there be any tax complications, if the total income after deducting exempt income becomes less than 8% of turnover,under computation of income.

Please Guide me.....

Nikhil Kaushik

Nikhil Kaushik (Expert)

28 June 2014 you need to consider only business turnover and profit % thereon. any other presumptive income (unrelated to business) is not to be added to turnover.

Vanita

Vanita (Querist)

29 June 2014 But, my questions are: -

1) Which Itr form should be filed by an assessee, if he has rental income from more than 1 house & still if he wishes to file return under presumptive basis undersection 44ad?

2) Should the exempt income be deduction from total income before or after calculating 8% income under presumptive basis?

3) If an assessee is a transporter with none of his own lorry / truck...but instead hiring lorries from market...then such assessee is covered under which section i.e. 44ad or 44ae?

4) If such 8% presumptive income includes only percentage of gross profit (business income) or net profit (including other income such interest, etc)?

5) Suppose, such assessee do not wish to incur audit expenses & has a turnover of 65,00,000/- & gross profit (business income) of 7,80,000/- excluding other income.And his net profit is Rs. 5,22,000/- after allowing the ancillary expenses in business, including other income of Rs. 5,00,000/- & exempt income of Rs. 38,000/-, then what will behis taxable income & tax under the section of presumptive income??

Please ans my questions...as I am really tensed...A BIG THANX in ADVANCE....