Income from business
This query is : Resolved
26 August 2011
An assessee receives income from 2 businesses, one is retail trading and another catering business. He has approximately 24 lakhs of turnover for the f.y.2011-12 in retail business and Rs.60,000/- income from catering business. There are no expenditures in catering business. Whether he can declare 8% of profit in retail business and add the income from catering to this income and file his returns in ITR4 for the a.y.2011-12. Whether he has to get his books of accounts audited? Please give your opinion.
26 August 2011
if you take 8% income on Turnover and your total tax turnover is less than audit limit so no need to audit.
27 August 2011
hi,
YOU HAVE TO FILE RETURN FORM 4S NOT 4.
YOUR TAXABLE INCOME WILL BE RS. 1,96,800
YOU HAVE TO FILE RETURN FORM 4S NOT 4.
YOUR TAXABLE INCOME WILL BE RS. 1,96,800
27 August 2011
Not agree with Mr. Hardik with respect to total income.
Total income is worked out as under:
Business 1 : 24,00000 x 8/100 = Rs 1,92,000
Business 2 : Rs 60,000
Total Income Rs 2,52,000
In Business 2 there is no expenses and whatever earned is income, hence fully taxable.
Total income is worked out as under:
Business 1 : 24,00000 x 8/100 = Rs 1,92,000
Business 2 : Rs 60,000
Total Income Rs 2,52,000
In Business 2 there is no expenses and whatever earned is income, hence fully taxable.
27 August 2011
no if you taking presumption income basis than gross income is 24,60,000*8% = 196800.00
27 August 2011
So Hardik is right on this.
28 August 2011
HI MR. NITIN AGRAWAL
FOR YOUR KIND INFORMATION SECTION 44AD IS A ASSESSEE WISE NOT BUSINESS WISE......
NO MATTER HOW MANY BUSINESS U HAVE OPERATED....
FOR YOUR KIND INFORMATION SECTION 44AD IS A ASSESSEE WISE NOT BUSINESS WISE......
NO MATTER HOW MANY BUSINESS U HAVE OPERATED....
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