Ilyas A M (Accountant) (39 Points)
14 August 2019Hi
I want to file an individual return of a person, he is a works contractor in the filed of wall painting, he availed GST RC for the month of Dec-19 and no turnover declared till Mar 19. His total bank receipts for the year 2018-19 is 9lc & odd, his issue is he wants to offer income of approximate 5lc. Please suggest possible solutions.
CA PREM KUMAR
(Chunduru & Co)
(296 Points)
Replied 14 August 2019
since he availed RC. GST liability will attract for the receipts
and
further return can be filed under section 44AD for income tax purposes.
regards
prem
9884343669
Yash Warkari
(2 Points)
Replied 14 August 2019
CA PREM KUMAR
(Chunduru & Co)
(296 Points)
Replied 14 August 2019
sir if the rent amount exceeds 2.40 lakhs per anum (FY 19-20), tds is required to be deducted under section 194I
for FY 18-19 limit is Rs.180000 per anum.
CAclubindia
