About 44 ad

what is the profit % in your business? 

Sec 44AD -First you have to make clear that what is the sales Turnover for the year from 1.4.2013 to 31.3.2014.

on that T O u can declare 8% or more net income in ITR 4S. It is better to maintain purchase Register, sales Register and stock Register.

Originally posted by : PS
	what is the profit % in your business?

Sir appx my bussiness profit is 10%

and my sale for the year was 40,00,000

Originally posted by : jagadish hiremath
	Sec 44AD -First you have to make clear that what is the sales Turnover for the year from 1.4.2013 to 31.3.2014. on that T O u can declare 8% or more net income in ITR 4S. It is better to maintain purchase Register, sales Register and stock Register.

1. sir my sales for the year 1.4.2013 to 31.3.2014 was arround 40,00,000

2. and sir please tell me that maintaining the books of account is compulsary or not

because i dont have any VAT number yet

3. and is  the VAT number needed for filing return u/s 44AD

4. And please tell me what circumstance i need to get the VAT Number.

1. NP @8% on TO Rs.4000000/- is Rs.320000/-

2. Not required to maintain the books of accounts and u have to take VAT number

3.There is no specific provision u/s 44AD for obtaining VAT number for filing IT return. It is better to take VAT number. The Turnover may be proved as per VAT Returns

4.I do not know your place of business in which state you are residing. You may contact your Local VAT Office.

Originally posted by : jagadish hiremath
	1. NP @8% on TO Rs.4000000/- is Rs.320000/- 2. Not required to maintain the books of accounts and u have to take VAT number 3.There is no specific provision u/s 44AD for obtaining VAT number for filing IT return. It is better to take VAT number. The Turnover may be proved as per VAT Returns 4.I do not know your place of business in which state you are residing. You may contact your Local VAT Office.

Sir if i show more sales 50,00,000, and according to @8% my ITR will become 420000,

so please tell me the following,

1. if i file ITR of 420000, then do i neet to maintain any books of account, as frankly saying i did not maintain any books of account but i want to File ITR,

2. If i do not take VAT Number and and Do not maintain any books of account and still wants to file ITR of Rs. 420000 , is he there  any kind of problem in that

You can declare Total Turnover up to 1crore and not above as per Section 44AD

1.Declaring income u/s 44AD is exempt from maintenance of books of account related to business as required u/s 44AA

2.At Least  you may keep Sales Register. If cross verification of Turnover made between IT Dept & Comml Tax Dept, then it would problem to you. U may  file I T Return even without VAT number.

My suggestion to you is it is better to take VAT number. For declaring income u/s 44AD  consult your CA or Tax Advocate in your area or contact me on 9448751758

Originally posted by : jagadish hiremath
	You can declare Total Turnover up to 1crore and not above as per Section 44AD 1.Declaring income u/s 44AD is exempt from maintenance of books of account related to business as required u/s 44AA 2.At Least  you may keep Sales Register. If cross verification of Turnover made between IT Dept & Comml Tax Dept, then it would problem to you. U may  file I T Return even without VAT number. My suggestion to you is it is better to take VAT number. For declaring income u/s 44AD  consult your CA or Tax Advocate in your area or contact me on 9448751758

Thanks a lot sir, thanks very very much, really great help from you,,

From where do you belong , if i want to call you atleast i should know

Bagalkot City Karnataka state

Originally posted by : jagadish hiremath
	Bagalkot City Karnataka state

Sir please tell me what is the meaning of term "Presumptive"

Sec 44AD is applicable to the assessee whose total turnover of sales does not exceed Rs. 1 crore

A sum equal to 8% of the total turnover of the business shall be deemed to be the taxable business profits of the assessee

No other expenses will be alllowed if the person is opted for sec 44AD

Further, he is not required to main any books of accounts and not required to give item wise explantion to the officer.

Assessee opting for Sec 44AD is also not required to pay Advance Tax also

Overall, a great option available for small businessman.

Regards

CA Azim Khan

CA/CS/CWA/LLB*/M.COM

  Sri jagdish hiremath  already filled the room ,  No more details not  need  for your query

Originally posted by : Shayan Khan
	Sec 44AD is applicable to the assessee whose total turnover of sales does not exceed Rs. 1 crore A sum equal to 8% of the total turnover of the business shall be deemed to be the taxable business profits of the assessee No other expenses will be alllowed if the person is opted for sec 44AD Further, he is not required to main any books of accounts and not required to give item wise explantion to the officer. Assessee opting for Sec 44AD is also not required to pay Advance Tax also Overall, a great option available for small businessman. Regards CA Azim Khan CA/CS/CWA/LLB*/M.COM

I request you to please help me on these , i am doing Silver Wholesale Bussiness too,

Please tell me these things i want to register my firm on the name of "Malhotra Jewellers" then


1. Will i get the Tin Number too


2. after taking TIN No. is it mandatory that i have to file Sales Tax in every Three months




3. Or i can directly File ITR on my name on every Bussiness Year Ending. Please please help me