Presumtive income

This query is : Resolved

Guest

Guest (Querist)

10 February 2012 gud morning experts,
can u tell me this. that my father have 2 buses hired by fectory for his worker.than sir our gross turn over above 25 lakh . than sir can u plz tell me that

can i show my income as presumtive bases.
what will better for me.if i will show my income as presumtive for this what will i do

Regards
Rajiv

Prakash Kochar

Prakash Kochar (Expert)
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11 February 2012 Gross receipt from buses can be considered as basis for declaring income u/s. 44AD. It will be presumed that the income is declared considering the depreciation on buses as per IT provisions.