Presumtive income
This query is : Resolved
Guest
Guest
(Querist)
10 February 2012
gud morning experts,
can u tell me this. that my father have 2 buses hired by fectory for his worker.than sir our gross turn over above 25 lakh . than sir can u plz tell me that
can i show my income as presumtive bases.
what will better for me.if i will show my income as presumtive for this what will i do
Regards
Rajiv
can u tell me this. that my father have 2 buses hired by fectory for his worker.than sir our gross turn over above 25 lakh . than sir can u plz tell me that
can i show my income as presumtive bases.
what will better for me.if i will show my income as presumtive for this what will i do
Regards
Rajiv
Prakash Kochar
(Expert)
11 February 2012
Gross receipt from buses can be considered as basis for declaring income u/s. 44AD. It will be presumed that the income is declared considering the depreciation on buses as per IT provisions.
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