44ad

Dear Friends

A husband wife both retired and above age of 60 years are drawing a monthly pension of Rs. 10000.

Now they started coaching at home and earn a fees of Rs. 80000 per month. Their monthly advertisement expenses of Rs. 5000 p.m.

Now their gross receipts annually is 80000 X 12 = 960000

Now can the husband file his return as follows:

Income under head Salary  10000

Income under PGBP u/s 44AD  8% X (85000 X 12)/2 = 40800

Gross Income 50800

Deductions under Chapter VI  50800

Taxable Income Nil

Likewise wife will do the similar.

Will they file ITR4S each?

Regards