09 June 2023
Mr. x is running a business where he has employed boys for cutting hair, hair styling and other related services. he purchases various materials required for the above service. he plans to expand his business to unisex salon and provide various other services in future.
Q-1. Can he opt for presumptive tax scheme u/s 44AD and based on total turn over presume 8% as taxable income. (wrt his current profession, wrt his future plans & also as per subject head for all such kind of business so that every other can benefit from this thread) Q-2. What is the turnover limit under 44AD for F.Y. 2022-23 & F.Y. 2023-24 Q-3. What will be the GST turnover limit for this profession.
09 June 2023
1. Yes. Future option depends upon the activities carried over. 2. Till FY 2022-23 its 2 Crs. For FY 2023-34 it may extends to 3 Cr., with digital receipt options. 3. Rs. 20 lakhs for registration & Rs. 50 lakhs for composition.
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