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Section 44AD
Assessee is having 2 businesses. The turnover of the 1st business is Rs 50 lacs and turnover of 2nd business is Rs 40 lacs. He wants to show 1st business income under 44ad and 2nd under normal business income. Can he do so?? If yes, which ITR will be applicable. ITR 4S or ITR 3??
Replies (4)
ITR 3 is suitable for above said way.
in sec44ad aggregate of all business turnover should be considered.alteast 8 percent has to be shown.in case digital transcations 6 percent has to be shown.if you opted 44ad itr4 is applicable if not opted itr3 is applicable
krishna my query is not what u answer...My query is whether he can show one business under 44ad n other under normal.
Yes... He can show one business under presumptive taxation scheme (if eligible bussiness) and another one is normal provisions. But, It's not available in ITR 4...
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