15 September 2012
MR. XYZ has a turnover of his proprietorship(Trading of building material )business is more than Rs.60 lakh In A.Y 2012-13 i.e Sec 44AB applicable. Also he has contract income on which TDS deducted can he apply Sec 44AD for Contract income and Sec 44AB for Trading business simultaneously.
15 September 2012
no he cannot apply 44ad and 44ab becuase here assessee is only one person. the tax liability is calculated on the assessee but not business.
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