Can we file the income u/s 44ad aswel as business with books

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Tax Advocate
427 Points Joined March 2009

hi friends,

My client is having two business,

1)  wholesale business 

2) Contract Works

He has maintained detailed books of accounts for only his wholesale business.

Can we file his return showing one business as special business u/s 44AD and another business with books of accounts?

And his net income arrived doesnt cross the taxable limit..

Please guide me..

 

 

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On 07 March 2012 at 19:31 Report
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Team Lead
7558 Points Joined November 2011

You can show the income of the wholesale business on a presumptive basis as it is an eligible business as per Sev 44AD.

for the contracts work business, you can show the income as per normal tax provision, as I guess that the income from this business doesn't cross the basix exemption limit.

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On 07 March 2012 at 21:31

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