05 December 2010
A PROP.FIRM CARRYING ON BUSINESS OF WHOLESALE TRADING OF GARMENTS IS COVERED THIS SECTION. IS IT COMPULSORY TO SHOW INCOME ON PRESUMPTIVE BASIS @ 8% ON GROSS RECEIPTS. IF PROFIT IS SHOWN BELOW @8% WOULD THAT MEANS THE PROP. FIRM NEEDS TO GET ITS BOOKS AUDITED?
05 December 2010
A PROP.FIRM CARRYING ON BUSINESS OF WHOLESALE TRADING OF GARMENTS IS COVERED by new Section 44AD w.e.f AY 2011-12 IF TURNOVER DOES NOT EXCEEDS Rs 60 LACS. IT IS COMPULSORY TO SHOW INCOME ON PRESUMPTIVE BASIS @ 8% ON GROSS RECEIPTS. IF PROFIT IS SHOWN BELOW @8% THAT MEANS THE PROP. FIRM NEEDS TO GET ITS BOOKS AUDITED. TURNOVER LIMIT FOR TAX AUDIT IS 60.00LACS.
14 January 2011
Yes, It will be applicable for eligible assessee carrying on eligible business. Eligible Assessee: * Resident-* Individual, HUF, Firms, ...... who are not claiming deduction u/s 10A,10AA,10B,10BA, Chapter VIA heading C - Deduction in respect of Certain Income like 80H TO 80RRB.
*** Eligible Business:
1. Any business except the business of plying , hiring, or leasing goods carriers (44AE)
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