jewellery business
Querist : Anonymous
further, he also buys from bombay gold merchants and sells the same in his shop. but major purchases are locally old gold
please clarify
Earlier Sec.44AF is applicable only to Retailer shop keeper specially to Grocer , Finance Act 2009 has eliminated sec 44AF & Amended the Sec 44AD & now from this Financial year any person whose turnover is below Rs40 Lac can take the presumptive taxation then he has to paid Tax @8% of turnover.
In your case if Turnover is below 40 Lac then you can opt Presumptive Taxation u/s 44AD.
Querist : Anonymous
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