Dear experts,
the income detail will be aggregate for having two presumptive business or it would be shown different ?
and after aggregate of different business income, it will be more than 8 %
plz explain with details.
thank you
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Presumptive business
Replies (5)
Hi,
The limit of Rs. 2 crores is to be checked in aggregate for all businesses under the presumptive scheme under secton 44AD as amended by the Finance Act 2017.
Therefore, you can claim 8% (if receipts are by way of other means than ECS//account payye) / 6% (if all receipts are through ECS or account payee) income on the turnover in aggregate for all business.
So, it does not matter if you show the income details separately or not, income shall be 8%/ 6% only of the turnover aggregately for all businesses.
For Example Turnover of Business A = 150 lacs, Turnover of Business B = 120 lacs
Then income shall be calculated as normal provisions as assessee is not eligible for presumptive taxation under Section 44AD.
we can choose different business nature... but how to give income detail differently?
We,, there is no specific way to show bifurcate income separately. You have to give the aggregate turnover and the required percentage in the schedules shown in the Income Tax return, if any.
ok Sir, after choosing different business codes... i can aggregate income of these businesses ?
thank you
thank you
Yes exactly. You can aggregate income of these businessess!
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