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Selection of ITR
For beauty Parlor which ITR is suitable and let me know 44ada or 44ad is applicable and what is its business code?
Replies (13)
Quick Summary
You can File ITR 4 by opting presumptive Taxation scheme.
Presumptive Taxation u/s 44AD is applicable in your case declaring 8% or more profit.
Choose No books of accounts case
business code : 21001 Hair dressing and other beauty treatment
Presumptive Taxation u/s 44AD is applicable in your case declaring 8% or more profit.
Choose No books of accounts case
business code : 21001 Hair dressing and other beauty treatment
OK thanks. Now let me know under this section
Taxable profit = gross fees received x 8% and 92% adjusted as expenses in pl account. Is it correct way to prepare Pl account?
Taxable profit = gross fees received x 8% and 92% adjusted as expenses in pl account. Is it correct way to prepare Pl account?
Not required to prepare Profit and loss account
As there is no need to maintain books of account, if you are filing return under presumptive Taxation.
As there is no need to maintain books of account, if you are filing return under presumptive Taxation.
OK but if I prepare it for future then is it correct method?
In your case, it's not mandatory to match income tax return and Profit and loss account.
You can prepare it on Actual basis also.
like you can show more than 8% profit also.
e.g profit 15%,..and cost 85,%. ect...
You can prepare it on Actual basis also.
like you can show more than 8% profit also.
e.g profit 15%,..and cost 85,%. ect...
Can I declare more than 8% U/s 44ad for coaching class fees received?
Yes, you can declare more than 8% ...like 10%,14%,20%,50%,.... anything (any % more than 8%)
There is restriction regarding less than 8%, Means you can not show less than 8%...but more than 8%.....there is no limit.
There is restriction regarding less than 8%, Means you can not show less than 8%...but more than 8%.....there is no limit.
OK thank you for for your quick response.
You're welcome........ Kapadia ji
For coaching class what is business code?
Business code: Coaching centres and tuitions is 17006
Thanks very very much.
Welcome..........
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