Method of return filling
This query is : Resolved
31 May 2012
Sir, Kindly let me know the method of computation of income of goldsmith for income tax purpose.
31 May 2012
The income will be taxable under the head Income from Business or Profession.
The sale price shall be his income and all expenses incurred will be reduced from such income.
However, if the gross receipts/turnover do not exceed Rs. 60 lakhs (Rs. 1 crore w.e.f AY 13-14), he can opt for Section 44AD and show income of 8% of the gross receipts.
The sale price shall be his income and all expenses incurred will be reduced from such income.
However, if the gross receipts/turnover do not exceed Rs. 60 lakhs (Rs. 1 crore w.e.f AY 13-14), he can opt for Section 44AD and show income of 8% of the gross receipts.
31 May 2012
Sir, can you send a computation sheet for my knowledge for above mention query.
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