Presumptive taxation u/s 44ad

ITR Filing 502 views 2 replies

Naveen

CA_STUDENT

164 Points Posted on 19 June 2017

Hi all,

My client has Salary Income of 12 Lakhs (TDS u/s 192)

194C Income-15000 (TDS 300)

194J-Consultation Services- 60,000 (TDS 6,000)

My Question here is if i file ITR 4, can i show 194C income as 8% and 194J Income as 50% (Is it possible to Consider both the Benefits/Provisons in a single Year)

Thanks in Advance.

Replies (2)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

211715 Points Posted on 20 June 2017

How the TDS u/s 194C is been deducted when basic limit is 30,000/ ?

Secondly, it is deducted @ 2%, which means the assessee is other than individual/HUF............. which cannot declare income under section 44AD !!

Even if the asessee be individual, but the return will be declared defective, if income declared 8%........

PRABIR PAUL

*****Accountant***** Never insult to a

1448 Points Posted on 20 June 2017

You said salary income 12 Lakh i.e its an individual assessee....

TDS U/s 194c deductable on individual @ 1% on 15,000/- i.e. Rs. 150/- I think deductor wrongly deducted @ 2%....

"How the TDS u/s 194C is been deducted when basic limit is 30,000/ ?"

Mr. Dhirajlal,

You are correct but some deductor believe that if in future the amount exceed Rs. 30,000//1,00,000/- then deductor has to pay interest on tds. That's why some deductor doesn't follow this limit of Rs. 30,000/-...

Mr. Naveen,

The provision of presumtive income said that person has to declare presumtive income on actual profit/gain or demeed profit/gain whichever is higher....

In your case I belive that you have some little bit expenses on section 194c and 194j So you can't declare it as 8% and 50%.

But I think you shall be declare U/s 194c in Other Source Rs. 15,000/-