Income Tax Under section 44AD

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  1. Bharat Dayaramani

    Bharat Dayaramani New Member

    I am running a machine shop. Can I file my income tax return under the section 44 AD. My turnover is less than 2 CR.

    My customers are deducting TDS at the rate of 2% whenever I am submitting labour bills.The credit of which goes to the business. That is I can see that in form 26 AS of my business name/PAN number.

    If as a proprietor I am filing my return under 44AD than am I required to file a separate return for the business if not than how can I get that TDS refund partly or fully if the TDS amount goes beyond my tax liability as a proprietor.

    Say my turnover is 40 lacs than TDS becomes 80000.

    Under section 44AD my tax liability is nil or at best less than 10000. In that case how can I claim the refund. of balance amount.
     
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