Presumptive basis
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 December 2016
Hi,
My client is a doctor. He is having income from from Consultation of Rs, 12,50,000 in FY 2015-16. Also he have his own medical shop where he is selling medicine & earning income of Rs. 8,20,000 in FY 2015-16. Please clarify, how his income will be treated?
1. Whether both income will be taxed as Income from Profession or Taxed Separately as Income from Business & income from Profession?
2. Can he opt for Presumptive Basis? if yes/ No under what section?
3. Can he go for Partnership or LLP or Pvt Ltd for opting Presumptive Basis?.
Thanks in Advance,
My client is a doctor. He is having income from from Consultation of Rs, 12,50,000 in FY 2015-16. Also he have his own medical shop where he is selling medicine & earning income of Rs. 8,20,000 in FY 2015-16. Please clarify, how his income will be treated?
1. Whether both income will be taxed as Income from Profession or Taxed Separately as Income from Business & income from Profession?
2. Can he opt for Presumptive Basis? if yes/ No under what section?
3. Can he go for Partnership or LLP or Pvt Ltd for opting Presumptive Basis?.
Thanks in Advance,
26 December 2016
1 Both income will be taxed separately as income from business and profession.
2 He can opt for 44AD if turnover of medical business is 1 crore or less.
3 Go for Partnership.
2 He can opt for 44AD if turnover of medical business is 1 crore or less.
3 Go for Partnership.
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