Petrol pump taxation query..??
This query is : Resolved
03 March 2014
Dear Experts,
I have got Four Questions to be cleared for Petrol Pump related :-
1. Which ITR to file for this business ? (Its a Properitor Business)
2. Can i opt for sec 44AD ?
3. Which accounting to follow Cash Or Accrual Basis ?
4. Is it Called an Agency Business ??
Pls reply !!!
Thank You..
I have got Four Questions to be cleared for Petrol Pump related :-
1. Which ITR to file for this business ? (Its a Properitor Business)
2. Can i opt for sec 44AD ?
3. Which accounting to follow Cash Or Accrual Basis ?
4. Is it Called an Agency Business ??
Pls reply !!!
Thank You..
03 March 2014
4. it should not account as agency services. The agreement between the petrol pump and OMC is of dealership and not of agency
2. you can choose any accounting basis.
3. 44AD can be used if the turnover is less than 1 cr (which is very improbable for a petrol pump
4. if 44AD is used, ITR4S can be used for Individuals and HUF, ITR5(for partnership firm)
5. if 44AD is not applicable, ITR4 can be filed
2. you can choose any accounting basis.
3. 44AD can be used if the turnover is less than 1 cr (which is very improbable for a petrol pump
4. if 44AD is used, ITR4S can be used for Individuals and HUF, ITR5(for partnership firm)
5. if 44AD is not applicable, ITR4 can be filed
03 March 2014
4. it should not account as agency services. The agreement between the petrol pump and OMC is of dealership and not of agency
2. you can choose any accounting basis.
3. 44AD can be used if the turnover is less than 1 cr (which is very improbable for a petrol pump
4. if 44AD is used, ITR4S can be used for Individuals and HUF, ITR5(for partnership firm)
5. if 44AD is not applicable, ITR4 can be filed
2. you can choose any accounting basis.
3. 44AD can be used if the turnover is less than 1 cr (which is very improbable for a petrol pump
4. if 44AD is used, ITR4S can be used for Individuals and HUF, ITR5(for partnership firm)
5. if 44AD is not applicable, ITR4 can be filed
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