26 August 2011
An assessee receives income from 2 businesses, one is retail trading and another catering business. He has approximately 24 lakhs of turnover for the f.y.2011-12 in retail business and Rs.60,000/- income from catering business. There are no expenditures in catering business. Whether he can declare 8% of profit in retail business and add the income from catering to this income and file his returns in ITR4 for the a.y.2011-12. Whether he has to get his books of accounts audited? Please give your opinion.
28 August 2011
HI MR. NITIN AGRAWAL FOR YOUR KIND INFORMATION SECTION 44AD IS A ASSESSEE WISE NOT BUSINESS WISE...... NO MATTER HOW MANY BUSINESS U HAVE OPERATED....