Tax treatment of hotel owner
This query is : Resolved
19 January 2016
Respected guys,
my friend started new restaurant....nw he wants to get his all activities accounted.....wat shud b done....Is 44AB is applicable to him......what will be his computation of income....there are no PAKKA bills at all......
your co operation is highly appreciated...
19 January 2016
If his turnover is less than 1 crore 44AB not applicable. No books of account need be maintained declare 8% profit on turnover u/s 44AD and pay taxes.
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