kantijain's Expert Profile

Queries Replied : 73

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I am a CA in practice & partner in K.S.K & Co at Bangalore. K.S.K & Co, Chartered Accountants (KSKCA), is an auditing & consultancy firm based in Bangalore, India. KSKCA is located at self-owned premises and in the heart of the garden city, Bangalore. It consists of committed professionals and associates with specialized skills, servicing a range of business needs, believing strongly in creating and adding value for Clients.

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Sriram says : Applicability of section 44AB
Dear Sir, I have confusion in applicability of sec 44AB for one of my client, please give your expert advice. A Partnership firm is running a Unisex saloon cum beauty parlour. The firm started its business in November 2009. Its Turnover for 31-03-2010 is Rs. 13.4 lakhs, which includes retail sale of Beauty items such as shampoo, conditioners, lotions etc & normal hair & beauty services provided by them. Its services comes upto 9.1 lakhs & sale of items comes upto 4.3 lakhs. The assessee has not maintained any separate bills for sale of items & services provided by them. But while entering in books they have entered sale of services & items separately so as to comply with service tax & VAT requirements. My question is 1. Sec 2(36) defines Profession to include vocation. Will rendering hair & beauty care services covered under the definition? The staff here are professonally qualified having some expertise in the area of hair & beauty, but partners are not rendering any such services. They are just looking after the management. 2. Whether providing saloon & beauty parlour services covered under "Professional Income"? 3. If yes, then whether the said assessee covered under 44AB for this year, as his turnover includes both sale of items & providing services? 4. will the assessee has any option not to club receipts sale of item & services? Please mention any relevant case laws, notification of guidance notes.