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Builders and developers

ITR Filing 1792 views 7 replies

One builders construction 2 or 3 building in Non NA plot.  Can he file his return  ? If yes which itr should he file...? 

Replies (7)

Yes , 

I need to file IT return if he get any type gain from this i.e sale of service .

it is irrelevent property is NA or Non NA

ITR FORM 3 FOR AY 18-19

he can file hi return in form ITR 3 as sale of structures and buildings are business for builders
in future maximum how much amount should he receive in cash or cheque from client... is there any limit ?

There is no such a limit, But he wants to file return under Presumptive bases i.e ITR 4 then cash received through chaque is deemed income 6% on sales other wise 8% of sale , if wants to file ITR 3 and wants to disclouse NP below 8% or 6% Accordingly then no such a for sales in cash. but is expenses should be not more than 20000 in cash . otherwise expenses os disalowed .

 

 

for any other or detail info just contact me 950303236

under sec 44ad can he show turnover 21 lacs and profit 15 % that is above 300000
yes profit above 8% can be shown as income if you adopt section 44AD
if the turnover is above 20 lacs than gst registration is applicable or not ?


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