44 ad applicability
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 January 2016
One of my friend is running Ice-Cream Shop along with fast food and milk-shakes. which is *self service* (no arrangement for sitting , the customer has to collect his order and eats it without any service given from the shop)
where milk & syrup is bought by him along with dry fruits and he mix them up to make different flavours of Ice-Cream and Milk-Shakes.
He also sells burger/sandwitch pizza etc. (TURNOVER LESS THAN 1 CRORE)
My que. is whether he can file ITR u/s 44-AD. aND IF 'YES'----THAN What shall be the category of Nature of Business ?? IS IT retail trade or service U/S 44 AD???
where milk & syrup is bought by him along with dry fruits and he mix them up to make different flavours of Ice-Cream and Milk-Shakes.
He also sells burger/sandwitch pizza etc. (TURNOVER LESS THAN 1 CRORE)
My que. is whether he can file ITR u/s 44-AD. aND IF 'YES'----THAN What shall be the category of Nature of Business ?? IS IT retail trade or service U/S 44 AD???
09 January 2016
44AD can be opted. Nature of business is 'retail trade'.
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10 January 2016
You can declare minimum 8% on turnover u/s 44ad under trade
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