independant civil contractor

A contractor shall also file his income tax return as all other businessman/professional file. He should open his VAT account also along-with PAN no. and at the appropriate time, should file his return.

If his turnover is less than 40 Lakhs,he may opt for presumptive taxation u/s 44AD and declare net income at 8% & pay tax.He need not maintain Books in such case.In normal cases he can maintain books and file income tax return on the profit earned.

I agree with Mr Chandargi.

If the contractor wants to disclose income less than presumptive rate of 8% of turnover, he has to maintain books of accounts and get them audited irrespective of the fact that the turnover is less than Rs 40 Lakhs.