44 ad for work contractor??


Aditya Sharma (finance advisory)     23 October 2016

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CAN A WORK CONTRACTOR (PAYING SERVICE TAX & VAT BOTH) file his return u/s 44 AD ???  (T/o 20 lacs p.a.)

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Dhirajlal Rambhia (KVO Merau Kutchh)     24 October 2016

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What is the nature of Work contract? Usually it can be assessed u/s. 44AD.

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Aditya Sharma (finance advisory)     24 October 2016

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thank you for the reply....

The work includes fabrication , erection , industial pipes/ tubes/ valves/pumps fittings.

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Dhirajlal Rambhia (KVO Merau Kutchh)     24 October 2016

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Yes, it can be taken as eligible business u/s. 44AD, provided the contractor is eligible person i.e individual, HUF or firm.

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Aditya Sharma (finance advisory)     24 October 2016

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THANK YOU VERY MUCH ....!!

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Dhirajlal Rambhia (KVO Merau Kutchh)     24 October 2016

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You are welcome

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CA surbhi jain (,ACA)     24 October 2016

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I agree with dhiraj lal ji. As business specification given by aditya ji, this comes under eligible business under sec 44AD..be it a individual/ HUF/ firm.

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Aditya Sharma (finance advisory)     24 October 2016

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actually fact of the case is: the assessee has been filing the ITR - 4 with audit report .

but with downfall in business he stopped filing ITR .
Now we wish to file the ITR of A.Y. 15-16 and 16- 17 as belated return u/s 44 AD ( turnover less than 20 lacs p.a.)
is it advisable??

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Dhirajlal Rambhia (KVO Merau Kutchh)     24 October 2016

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Unless, any enquiry received from department, no problem seen. Mostly it would be nil tax return.

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Naresh Kansala (Visit www.nkansala.in for more article)     25 October 2016

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