Here Biswarup write's"really awesome tutorial. Thanks for the tutorial. I have one question i have earned some money from paypal where i have to add paypal money.I also work for a company please help me."
Solution-Solved the case by using ITR 4 earlier .However ,this is a classic case to use presumptive income to benefit of section 44AD .What presumptive income means is that we presume the income for business to be at certain levels of gross receipts (Gross receipts = Total receivables without expenses /deductions and adjustments )
Under such presumptive income schemes ,there are various businesses like transport business under section(u/s)44AE where for every heavy weight vehicle income is computed at 5000 Rs per vehicle per month and for every non heavy vehicle income is calculated at 4500 Rs per month.
.The sections specify what such business should declare as minimum income .For example ,Shipping business 44B(Limit 7.5% of gross receipts ) , Mineral oils business 44BB(Limit 10%of gross receipts ), Aircrafts business U/s 44BA (Limit 10%of gross receipts ).Such sections specify what the income under heads profits from Business or profession should be .So , incase, gross receipts (Total receivable without taking into account deduction's/expense )is 100 Rs , it mentions what the limit for income should be .For example u/s 44AD , it mentions that the minimum limit should be 8 % , so in case gross receipts for business under section 44AD (businesses other than transport ) is 100 Rs , then applicant hasto declare income atleast as 8 rs and pay tax on this amount .The otjher sections also have such limits .In case applicants declare income less than 8 rs , then he needs to maintain books of account and gets them audited as per section 44AB...
This way of taking advantage of this scheme under section 44AD to file returns for payapl income , Blog income , website income is awesome and very easy to do .The government encourage's useof Sahaj (ITR 1 )and Sugan (ITR 4S)because it is hassle free ,doesn 't need book of account's and required audit and very easy to prepare and understand ,
After Business income is computed , applicant can populate salary income ,house property income , other sources income whatever is applicable so as to calculate gross income to then further calculate tax liability ,
If TDS deducted matches tax liability , then applicant can generate return in XML format and upload return online and that's it , feel proud of yourself .You can now file returns for your paypal , Goggle Adsense and website income in less than 5 minutes ,
One thing i mentioned and is important is that ,it is only when income from profession and business exceeds 10 lakh's that the applicant shall have to pay service tax over and above income tax (using separate challan - note that is income tax return - that would be service tax return ),until that it is totally exempt ,
I think this is country's first live tutorial for subject matter and will inspire many bloggers ,website makers , Paypal earners to now file their returns easily ,
If you learn from this , please spread knowledge ,
God bless ,
Amlan Please Check my facebook page www.facebook.com/filingreturnsonline where i keep on adding more stuff and where you would find all the stuff that i have created till date .