25 July 2011
I have doing embrodery work on sarees and ladies suits on job basis. During assessment year 2011-12 my receipts are Rs. 30 lacs. Can I declare income u/s 44AD @ 8%.
Definitely, you can show income @8% of Rs. 30 lacs. Because as per the amended provisions, 8% presumptive taxation can be used for any business whose turnover doesnot excees Rs. 60 Lacs p.a.
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