27 March 2010
I have heard that from April 2010, all small businesses having turnover of less than 60 lakhs can opt for presumptive taxation by declaring profits at 8 % of t/o and paying tax thereon. My query is
1. I am having a proprietory firm engaged in the distribution of mutual funds. My turnover by way of commissions/brokerage ranges between 6 to 8 lakhs per annum. Can I opt for the above scheme?
2. I am following cash system of accounting instead of mercantile system, since the beginning. Is this in accordance with the legal provisions?
28 March 2010
I have read in DNA Money that from F.Y. 10-11, this provision is applicable to all businesses having turnover of less than 60 Lakh Rupees and want confirmation of the same.
CAclubindia
