Labour charge

Please explain your question properly.

Presumptive income of 50% is stated in Sec 44ADA for an assessee engaged in professions as specified in Sec 44AA.

Sec 44AA has specified the list of professions/services i.e legal, medical, engineering, architectural profession or profession of accountancy, technical consultancy, interior decoration services or film artist.

Any other profession other than those specified in Sec 44AA falls under the ambit of Sec 44AD - i.e 8% of Turnover = Presumptive Income.

Accordingly Labour Charges received on account of Job Work is a business and 8% of Gross Receipt/Turnover is to be considered as Presumptive Income.

For any further clarification, feel free to mail me @ mnshdugar @ gmail.com

Originally posted by : Nishu Kotian
	labour charges recived gold is bussiness or proffession. im declare 8% or 50 %

 

Yes... I agreed to Mr Manish Manu's view.

@ Nishu Kotian.,

You can declare as Business Income @ 8% profit.

@ Manish Manu. Well Explained Mr Manish. Good Job.