SIr, plz tell me , a person is working as a small kind of contractor of Buildings. Some of masons are working under his guidelines, or we can say he contacts to parties.he has neither authorizied documents of Contractor nor any Licence for said working. his bank transaction amount is simple, for A.Y. 2017-18 , I think, it is called Other Source Income , Wht ITR use or which income source i shouls mention?
plz ans.
thanks
No... The Income is not under the head of IFOS. It's purely as Business income also it's Man Power Supply.
You can file ITR 3 or ITR 4 for the AY 2017-18...
THANKS SIR FOR UR ANS.
SIR, IF I USE ITR3, ITS OK , WHAT KIND OF RECEIPT SHOULD be, IT IS WORK RECEIPT? OR LABOUR Receipt? or Brokerage Income? or some other?
because he has no document, but he working.
plz tell me, sir
If you don't have Books of Accounts....
If ITR 3 :
You can file "No Books of Accounts" case....
If ITR 4 :
File Presumptive taxation Scheme with 8% of Profit...
If he is give any bills to the customers then you can keep it his receipts. If not you can use his bank Statements or Receipt of Payments from Customers...
thanks sir, ur so helping,
actually he has not such bills etc., can file itr3 through No Books of Account, can i mention 2,50,000/- net profit for a.y. 2017-18.
In case if You are going to ITR 3 and will be select no books of accounts then You will be shown the profit @ 8% and above. So, Check out the Totatl value of the T/O...
THANK YOU SO MUCH SIR, FOR UR VALUABLE TIME.
You are Welcome...
In case if You are going to ITR 3 and will be select no books of accounts then You will be shown the profit @ 8% and above. So, Check out the Totatl value of the T/O..
sir, as you said above about no books of account in itr3, if i do the same, what should be the rounded turn over a person and how much % more than 8% can i get as profit? I would like to have round 230000/- as net profit. is there mention expences? can u plz suggest me.
sir, i mean to ask that can i give more than 5 lac turnover. if yes let it be 750000/-
U MADE ME TENSION FREE,
THANKS SIR
SIR, I HV A PERSON HAVING INCOME FROM 194J & 194H AND ALSO DOING A SMALL RETAIL BUSINESS OF MOBILE SHOP FOR RECHARGE AND MOBILE SALE, HE ALSO HAS CURRENT A/C. OF HIS MOBILE SHOP BUSINESS, BUT HE IS NOR REGISTERED TO ANY FIRM NOR ANY GST NO.
HE HAS BANK BASED WORK THEREFORE 194J & A94H INCOME.
HIS BANK CREDIT IS 30000 TO 50000 EVERY MONTH, CAN I FILE 44AD A.Y. 2017-18 FOR THIS BUSINESS?
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