About 44 ad


  • Hello experts,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
  • i have so many confusion related to Income Tax , Please Please i request you all to help me, i know that this post is very lengthy but still i request you all to please read and help me,
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  •  Let me tell you about my self, i am a small businessman , i am doing a cloth business , i take cloths from manufacturers and sale it to retailers
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  • for the assessment Year 2014 15 I earned a net Profit 430,000, but i don't Remember the sale amount.,,,,,,,,,,,,,,,,,,,,,,,,,,,
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  • I dont have any VAT number
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  • i have PAN Card Only
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  • one of my retailer told me that i should file ITRs its beneficial for me and told me to ask from CA about ITRs but CA confused me a lot , he little bit told me about Sec 44AD which is not at all clear to me,
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  • I searched from Internet too much but i did not got all my answers so request you all please help me,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
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  • Please help me i have following confusions
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  • 1. Please explain what is 44 AD,
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  • 2. i want to show in my ITR Net Profit of 430,000, and in https://incometaxindiaefiling.gov.in/
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  • i calculated my tax for ass year 2014 15 on 430000 is 21630, But i dont know that how much Sale i have to show for this much net Profit "430000".
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  • Please tell me how much sale i have to show to show that i have earned 43000 Net Profit this Year.
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  • 3. if i File ITR u/s 44 AD should i have to maintain any books of account for the net profit of 430000.
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  • 4. what is presumptive business. as i can see in "downloads" in website of https://incometaxindiaefiling.gov.in/
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  • Forms for ITS ITR 4: For Individuals & HUFs having income from a proprietory business or profession
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  • ITR 4S (SUGAM) For Individuals/HUF having income from presumptive business
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  • SO WHAT IS THE Differnce between ITR 4 and ITR 4S.
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  • 5. In what form i have to fill to file my ITR , ITR 4 , Or ITR 4S (SUGAM) PLEASE PLEASE PLEASE PLEASE HELP ME
 
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what is the profit % in your business? 

 
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advocate & tax consultant

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.

 
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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

 
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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.

 
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advocate & tax consultant

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.

 
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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

 
Reply   
 
advocate & tax consultant

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

 
Reply   
 

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

 
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advocate & tax consultant

Bagalkot City Karnataka state

 
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