Income from tailoring- is it business or profeession
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 March 2012
my client NJ gets incoome from tailoring.For bank loan,manager asking her IT returns. She did not maitain any accounts.
can she file return u/s 44AD at 8% or more on gross receipts?
if IT authorities consider tailoring is a profession,what are the consequences?
and there is no possibility her maintaining books of a/cs.
how she can overcome this problem if sec 44AD IS not possible? kindly advise.
can she file return u/s 44AD at 8% or more on gross receipts?
if IT authorities consider tailoring is a profession,what are the consequences?
and there is no possibility her maintaining books of a/cs.
how she can overcome this problem if sec 44AD IS not possible? kindly advise.
13 March 2012
Tailoring is "business" for Income tax purposes.
Section 44AD can be opted for assessment year 2011-12.
Section 44AD can be opted for assessment year 2011-12.
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13 March 2012
Tailoring is not a profession. She can file the return under Section 44AD.
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