Profit and Gains of Business or Profession
This query is : Resolved
BHUMIKA MUNJAL
(Querist)
09 September 2020
Dear Experts,
I am an individual running two business simultaneously. For one business which is Printing, Publishing and Retail sale of books, filling the IT return in Presumptive taxation scheme. But since I wanted to start the new business which is manufacturing of masks, for which I want to file return as per normal provisions of PGBP. Kindly advice whether we can do so as per Income Tax Act.
Filling the one business income under U/s 44AD and the other business under normal provisions of PGBP.
I am an individual running two business simultaneously. For one business which is Printing, Publishing and Retail sale of books, filling the IT return in Presumptive taxation scheme. But since I wanted to start the new business which is manufacturing of masks, for which I want to file return as per normal provisions of PGBP. Kindly advice whether we can do so as per Income Tax Act.
Filling the one business income under U/s 44AD and the other business under normal provisions of PGBP.
CA R SEETHARAMAN
(Expert)
09 September 2020
Filling one business income U/s 44AD and the other business under normal provisions of PGBP not possible. 44AD has to be opted for all the business.
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