05 July 2013
The assessee running jewellery shop as well as he doing pawn broking also. The sale turnover is Rs. 411022.00 and interest received on pawn broking is Rs. 2881152 and repair & appraising charges received Rs. 762170-00 and net profit declared Rs. 262246.00. whether it is eligile for 44AD or not. my confusion is 8% declared on sales turn over or 8% on sales + interest on pawn broking + repair & appraising charges. Please clarify my doubt
05 July 2013
If you can segregate Repairing Charges from 762170/ it can also be added with the turnover 411022. . Except this I agree with your view about the showing the income. . 8% of (Sales+Repair)+Appraising Chg + Interest. .
CAclubindia
