28 November 2011
my client, a dealer in empty gunnies and made turnover of Rs.22lakhs and he also receives Rs.3.75 lakhs towards stitching and repairs to gunny bags.
can he declare greater than equal 8% on Rs.25.75 lakhs(ie 22lakhs + 3.75 lakhs)u/s 44AD.?
28 November 2011
Yes, He has to offer minimum 8% of income on Rs.25.75 lacks because stitching and repairs also treated turnover. OM SAI SRI SAI JAI JAI SAI
CAclubindia
