Section 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 March 2015
If an assessee has running two wholesale business. Assume both are eligible business.
Can he show in his income tax return, One business under 44AD @ 8% and other business under normal Business income by preparing B/S and P&L.
First business U/s.44AD - 10,00,000@8% = 80000
Second business Turnover = 20,00,000
Net Profit = 1,00,000
Now total income comes to 1,80,000.
Is he required to file Return of income?
Thanks in Advance
Can he show in his income tax return, One business under 44AD @ 8% and other business under normal Business income by preparing B/S and P&L.
First business U/s.44AD - 10,00,000@8% = 80000
Second business Turnover = 20,00,000
Net Profit = 1,00,000
Now total income comes to 1,80,000.
Is he required to file Return of income?
Thanks in Advance
08 March 2015
He can opt one business u/s 44AD and other under normal business by maintaining accounts.
As the total income is below basic exemption limit no need to file return.
As the total income is below basic exemption limit no need to file return.
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