Hello freinds.
Help me get a clear interpretation of Presumptive Taxation Sec 44AD.
If an individual has 2 business, will the total gross turnover from both business be considered for calculating Rs 2 Crore limit for Financial Year 2016-17 (AY 2017-18) or individual turnover from each business? Eg: Business 1 & 2 have Rs 1,20,00,000 and another Rs 85,00,000. turnover respectively. How will Sec 44AD be utilised? Will both business be eleigible to declare 8% profits and if no then will both be disqualified since aggregate is over Rs 2 crore?
Kindly give a detailed explanation please.
CAclubindia
