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
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?
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.
CAclubindia
