Two individuals have carried job work business (proprietorship) during financial year 2013-14 under the name & style of same Trade Name, where the former had discontinued and latter has continued the same. Entire business transaction is with only one customer and that customer deducted TDS each month @ 2% u/s 194C for former pan no (First six Months) and latter pan no (for next 6Months). The entire receipts have been credited to same bank account which is in the Trading Concern Name. The receipts exceed one Crore. Now I would like to Know whether Latter can file his return u/s 44AD on the basis of the total receipts as per 26AS.
Please let me know how to go about?
CAclubindia
