Hi team,
My query:
Assessee is an individual having two different business.
whether he can opt for presumptive taxation for one business and other business under normal provisions of the income tax act??
kindly guide me regarding this..
Thanks in advance...
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Presumptive taxation for two different business
Replies (5)
Quick Summary
Yes, you can, for one business you can go under presumptive income & for another normal scheme, Provided you follow provisions of presumptive rules
Thank you
Presumptive taxation scheme is seperate.
Query is resolved on 28/07/2023...
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Yes, but turnover is aggregated:
• Sec 44AD applies to the "eligible business" of an eligible assessee. If an individual has two eligible businesses, he can offer presumptive income on both, but the turnover limit (Rs 2 crore / Rs 3 crore) applies to the aggregate turnover of all businesses.
• Partial use: tribunals have allowed 44AD for one business and regular books for another. But the department often insists on consistency. Keep separate books for the business not under 44AD.
• If one business is a specified profession (44ADA), the other can be under 44AD. ITR-4 supports both.
• Commission, brokerage and agency businesses are excluded from 44AD.
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