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
Click here to login now
Similar Resolved Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Stamp Paper for partnership firm change new income tax 2025
- Capital gain from sale of house property
- SFT Cash Deposit in Current Account
- Annual return in Gst
- FORM 26A APPLICABILITY
- When TDS on GST applied
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
- Address Change to another state of a Registered Trust with 12AB approval
- Updated return in budget 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
