Applicability of presumptive income
This query is : Resolved
27 April 2011
Sir,
I want to know about applicability of Presumptive income relating to following business.Also want to know appropriate section under I.T. which attract tax liability in the following cases.
I am having doubt regarding application of Sec 44AF/44AD
Kindly note following details
1)Business: Mobile Repairing Shop
Turnover: 20lakhs
F.Y.2010-11
2)Business: Cloth Merchant/ready made shop
Turnover: 30lakhs
F.Y.2010-11
Thanks and Regards
Shree
sbsca.pune@gmail.com
I want to know about applicability of Presumptive income relating to following business.Also want to know appropriate section under I.T. which attract tax liability in the following cases.
I am having doubt regarding application of Sec 44AF/44AD
Kindly note following details
1)Business: Mobile Repairing Shop
Turnover: 20lakhs
F.Y.2010-11
2)Business: Cloth Merchant/ready made shop
Turnover: 30lakhs
F.Y.2010-11
Thanks and Regards
Shree
sbsca.pune@gmail.com
27 April 2011
Both the business will attract provisions of amended section 44AD. Section 44AF is discontinued with effect from AY 11-12.
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