Return on presumptive basis.
This query is : Resolved
22 December 2011
Assessee have two source of income.One Manufacturing unit and another business of plying , hiring or leasing goods carriages.Manufacturing business is covered under Tax Audit.
Is it possible to file return for plying , hiring or leasing goods carriages business on presumptive basis together with Tax Audit of another business?
Is it possible to file return for plying , hiring or leasing goods carriages business on presumptive basis together with Tax Audit of another business?
22 December 2011
If the assessee is the proprietor of both the business and if one business is covered under tax audit then the other business is automatically covered under tax audit and principle of presumptive income cannot be applied to other business.
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26 December 2011
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