My brother made a video song album for a sum of 7 lakhs on a contract basis. As per the contract the same along with all IPR rights transferred to the client as well.... Client deducted TDS u/s 194 c @ 2%. Which presumptive taxation scheme can we use here. Sec 44AD or 44ADA... Also which business code should we choose.... It was for FY 2025-26... He also have salary income and bank interest.... Thank you
Menu
Presumptive taxation
Replies (1)
-
Tax Scheme: Use Section 44AD (Presumptive Business), declaring at least 6% of ₹7 Lakhs as profit, as the client deducted TDS under Section 194C and IPR was transferred.
-
Business Code: Select code 21002 (Motion picture, video and television programme production...).
-
ITR Form: File ITR-4 to declare his Salary, Business Income, and Bank Interest together.
Related Topics
CAclubindia
