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Presumptive taxation u/s 44ad

Naveen (CA_STUDENT) (164 Points)

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.

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2 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (160442 Points)
Replied 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 any person for any kind of lack of knowledge or misread.) (1443 Points)
Replied 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/-