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SERVICE OR BUISNESS, ITR

SACHIN KHETAWAT (Student) (349 Points)

19 March 2018

labour contractor is service provider or comes in buisness. I think he can file ITR U/S 44 AD, PRESUMTIVE INCOME @ 8%. I AM RIGHT OR WRONG?

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5 Replies

Rahul Prasad (CA Student) (1683 Points)
Replied 19 March 2018

it should come under service. you can not file under presumptive basis.

SACHIN KHETAWAT (Student) (349 Points)
Replied 19 March 2018

then how to file,

Rahul Prasad (CA Student) (1683 Points)
Replied 19 March 2018

file ITR 3 by considering income. it will also need to fill balance sheet and profit and loss.

RAMAKRISHNAN R (INCOME TAX OFFICER) (1736 Points)
Replied 19 March 2018

except agency, commission or brokerage, rest of the businesses can opt for 44AD. Being a contractor, you can file ROI under 44ad

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RAJA P M ("Do the Right Thing...!!!") (127167 Points)
Replied 19 March 2018

As per my view.,
The Labour Contractor can avail Presumptive Taxation scheme u/s 44ad... If he is doing as Business...
If he have some labours and taking contract from vendor and supply the labours for the work then You can consider it as business Income...

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