Turnover calculation sec 44ad from 2 sources of income

Rahim (Businessperson) (460 Points)

25 September 2016  

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.