Dear Professional Friends, as per section 44 AD an assessee can presume his net income at 8% or more if his total revenue during the financial year is less than Rs 1 crore, section says that if assessee has more than one business than revenue from all the business will be considered for calculating limit of Rs 1 crore.
My question is if an assessee has a proprietorship firm which has turnover of Rs 80 lacs in a financial year and he is also a 50% partner of a partnership firm with similar line of business, which has turnover of Rs. 60 lacs, will 50% turnover of his partnership firm will be considered for calculating total turnover as per section 44 AD, or proprietorship firm and partnership firm will be treated different both being separate legal entity?
Thank you
CAclubindia
