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Querist : Anonymous

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Querist : Anonymous (Querist)
25 July 2011 I have doing embrodery work on sarees and ladies suits on job basis. During assessment year 2011-12 my receipts are Rs. 30 lacs. Can I declare income u/s 44AD @ 8%.
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CA Sachin D Jain

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CA Sachin D Jain (Expert)
26 July 2011 Dear Author,

Definitely, you can show income @8% of Rs. 30 lacs. Because as per the amended provisions, 8% presumptive taxation can be used for any business whose turnover doesnot excees Rs. 60 Lacs p.a.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
26 July 2011 I agree with the expert
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