How to deal with sec 44ad?
IF WE HAVE TWO BUSINESSES, BOTH TURNOVER DOES NOT EXCEED 1 CR BUT B1 HAVE < 8% INCOME NB2 HAVE > 8% INCOME AT THIS SITUATION WE CAN FILE RETURN UNDER SEC 44AD ? BOTH BUSINESSES ARE NON TRANSPORT BUSINESSES.
Replies (5)
Yes you can file return 4S as on presumtive business provided total turnover of Assessee business is less than 1 Core.. since u have not specified what exact turnover of both business. hope both the aggregate turnover is less than 1 crore
B1 having profit of 4.5%
B2 have profit of 11.5%
in aggrigate 8% income declared as per 44ad is it possible ? all conditions specified undre sec 44 ad satified.
B1 having profit of 4.5%
B2 have profit of 11.5%
in aggrigate 8% income declared as per 44ad is it possible ? all conditions specified undre sec 44 ad satified.
Since Suppose you b1 Turnover is 40 Lacs abd B2 turnover is 50 Lacs the u have to show 8% of 90 Lacs..
You have to just concentrate on your turnover
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