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...
CA R SEETHARAMAN
(Expert)
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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