Goldsmith income(making charges)comes under which category
i mean professional income under 44ada and tax @ 50%
Or business income under 44ad @ 8%
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Goldsmith income
Replies (7)
goldsmith is not covered under specified professions
so, he is liable to pay tax under presumptive taxation scheme, if his total turnover / gross receipts of upto rs 200 lakh (2 crore )[section 44AD]
so, he is liable to pay tax under presumptive taxation scheme, if his total turnover / gross receipts of upto rs 200 lakh (2 crore )[section 44AD]
thank you, but how to show closing stock, they would only have gross receipts right?
can you please elaborate the above, I don't get it
i mean trading account i cannot prepare right? Directly on gross receipts 8 % i have to show income?
yes, you are not required to maintain books of accounts u/s 44AA or get them audited u/s 44AB (if you are eligible for section 44AD)
presumptive rate of tax would be 8% of total turnover or gross receipts
it can reduce to 6% of total turnover or gross receipts if all the transactions made through
1. by an account payee cheque OR
2. by an account payee bank draft OR
3.by use of electronic clearing system through a bank account
on the above, tax liability is calculated as per your slabe rate
presumptive rate of tax would be 8% of total turnover or gross receipts
it can reduce to 6% of total turnover or gross receipts if all the transactions made through
1. by an account payee cheque OR
2. by an account payee bank draft OR
3.by use of electronic clearing system through a bank account
on the above, tax liability is calculated as per your slabe rate
SIR WHAT WILL BE THE NATURE OF THE INCOME OF GOLDSMITH.
04093 is the business code
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