An unregistered Beauty parlour run by a Husband & Wife, they are not maintaining any books of Account.
Are they eligible for Income tax computation u/s 44AD (Income persumed to be 8%).
Can ITR be filed using the PAN of anyone of them for their business u/s 44AD.
So that their won't be any issue of maintenance of books of Accounts & Clubbing of income.
Assume if their total receipts during an year is 12 lacs per annum,8% of same being Rs.96,0000/-.Are they eligilble for Income tax basic exemption of Rs.250,000/- & mean no tax payable during FY 2015-16.