Hi
I am selling knowledge videos online which i get these made from my husband. Assume my income from sale (Turnover) for FY 2015-16 is 4 Lac & for FY 2016-17 is 6 Lac which directly comes into my joint bank Account (my & My husbands JBA) .(I have no other income).
Can i File a return (ITR4S) under section 44AD (as Presumptive Income) Can i show 8% of T/O as my income (without having to maintain details of Expenditure) or should i Show the actual 30% of income (roughly) if its actual then should i have to maintain details of Expenditure?
Most importantly will it be treated as BUSINESS INCOME and allowed under 44AD (or will be treated as PROFESSION under 44ADA and treated as 50% of T/O a income?) under two scenarios
1) I pay Royalty to my husband (10% of Sale) for providing me videos
2) I buy Videos from husband (say for 50,000)
and sell it online
I want to file my return under 44AD ( @ 8 of T/O) for both FY's
Please advice me can i do so? or will whole income will be treated as my Husbands income. (although he just give me Videos for some consideration & doesn't look after business of selling marketing etc)
Please also quote case law or section or rule (if possible & relevant)
CAclubindia
