Filing of Income Tax Return on estimated basis
manjit singh
(Querist) 14 April 2010
This query is : Resolved
How an individual can file his income tax return for the AY 2010-11 on estimated basis if he is doing the business of tent service and he has not maintained the account books for the FY 2009-10 and his net income from business is above Rs. 165000
A V Vishal
(Expert) 14 April 2010
A individual cannot file tax returns for tent house services on estimated basis for the AY 2010-2011.
Raj Kumar Makkad
(Expert) 15 April 2010
Estimate can be based upon his tern over and he can calculate this estimate and can file his return.
Parthasarathi Loganathan
(Expert) 15 April 2010
Income proof can also be substantiated by Receipts and statement of bank accounts. Assesee. This can also be certified by a Chartered Accountant in the absence of separate books of accounts
AMIT BAJAJ ADVOCATE
(Expert) 16 April 2010
as per newly ammended section 44AD which is applicable from A.Y 2011-12 the estimated return of a tent house can be filed by declaring profit @ 8% of gross receipts.
So far A.Y 2010-11 is concerned estimated return of Income without maintaining books of accounts can filed only by the person having income upto Rs 120000.
Vineet
(Expert) 16 April 2010
Agree with Mr Bajaj and Parthasarathi. You have to prepare books of accounts based upon expenditure receipts, bank statements etc as it is mandatory u/s 44AA of the Act your income from business being more than Rs 120000/- (no information about the turnover).
