05 May 2011
The Act has mentioned it in this way - "Any business other that plying, leasing or hiring of goods carriages" So, all the business as mentioned above fall outside the purview of the same.
In general conscience, all these business have a huge turnover and are liable for tax audit in majority cases. In case of an assessee having small size of the same, then he needs to either opt for 8% profit to be disclosed or for Audit u/s 44AB for disclosing profit less than 8%.
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