Regarding income tax filing

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Hello experts, One of my client is Bidi Munshi (Contractor) so what is the nature of business should i show ? Tds is deducted U/s 194c. But he is getting income as commission from contractor it seems. Little confused Kindly help me out. Whether 44AD is opted ? 

Regards,

Asheeq Abubaker

Replies (5)

Check the nature of receipts. If gross receipts base on goods suppliedm you can opt for sec. 44AD. TDS u/s. 194C will be in its favour.

But if pure commission received over any job, you cannot. 

Sir i guess it is like job work. so what should i do ? they are not maintaining any books of accounts. Can i file itr by preparing P&L A/c and B/s ? But he is not having any supporting doccument. And one more thing is What is the nature of Business ? Please guide me Sir

Awaiting for your reply

Asheeq Abubaker

:"Can i file itr by preparing P&L A/c and B/s ?"

Yes, better option. Also check the contract or the details of bills raised.

What is the amount of gross receipts?

 

Sir, gross receipt is 460000 and the tds deducted is 4600. Sir but he is not having any supporting documents. Should I file return with books ???

Even if you file return u/s. 44AD it will be processed, but legally you should file return with books, and try to collect missing vouchers.


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