PRESUMPTIVE INCOME U/S 44AD
This query is : Resolved
tarunjjain
(Querist)
05 May 2011
WHETHER U/S 44AD IS APPLICABLE FOR THE FOLLOWING BUSINESS ?
1. TOUR OPERATOR
2. DEALING IN PROPERTIES
3. DEALING IN SHARE TRADING
4. DEALING IN FOREX MARKET
5. DEALING IN GOLD/SILVER JEWELLERY
1. TOUR OPERATOR
2. DEALING IN PROPERTIES
3. DEALING IN SHARE TRADING
4. DEALING IN FOREX MARKET
5. DEALING IN GOLD/SILVER JEWELLERY
05 May 2011
Effective from A.Y. 2011-2012, these business shall be under the scope of Section 44AD.
tarunjjain
(Querist)
05 May 2011
how ites possiable to gain 8 % profit on share trading etc. ?
05 May 2011
The Act has mentioned it in this way - "Any business other that plying, leasing or hiring of goods carriages"
So, all the business as mentioned above fall outside the purview of the same.
In general conscience, all these business have a huge turnover and are liable for tax audit in majority cases. In case of an assessee having small size of the same, then he needs to either opt for 8% profit to be disclosed or for Audit u/s 44AB for disclosing profit less than 8%.
So, all the business as mentioned above fall outside the purview of the same.
In general conscience, all these business have a huge turnover and are liable for tax audit in majority cases. In case of an assessee having small size of the same, then he needs to either opt for 8% profit to be disclosed or for Audit u/s 44AB for disclosing profit less than 8%.
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