Can we file ITR4S as presumptive income catagory of income from sunari labour work ? i thik this is service sector catagory 0714 in ITR. GUIDE ME.......
CA PARAS BAFNA
(Practising CA )
(33423 Points)
Replied 07 November 2011
The only business which is not eligible for Section 44AD is eligible U/s 44AE and that is the busines of Leasing, hiring and plying of goods carriages by its owners owning less than 10 vehicles .
In case the busines is of Leasing, hiring and plying goods carriages is done by a person , who is not owning any goods carriages then again it becomes an eligible business U/s 44AD.
As such , Section 44AD can be said as a presumptive income section for all types of businesses run by eligible assessees -Individuals, HUFs and Firms. Only Turnover/ Gross Receipts limit of Rs. 60.00 lacs has to be kept in mind.
rupesh gupta
(tax advocate)
(103 Points)
Replied 08 November 2011
thanx a lot bafnaji.this is a greatful knowledge for us.
CAclubindia
