Presumtive tax u/s.44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 September 2011 My client conducting a Laundry & dry cleaning shop.Does the above receipts come under presumtive tax i.e.can he declare 8% profit on total turnover & file returns in form no-4S

U S Sharma

U S Sharma (Expert)
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01 September 2011 laundry and dry clearing CHARGES, are expenses of personal nature,

your query is not representing any business or profession,

CA Sachin D Jain

CA Sachin D Jain (Expert)
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01 September 2011 Dear Anonymous,

Drycleaning and Laundary business is a business u/s 44AD if carried on by individual, HUF or partnership Firm. Hence, you can profit @ 8% directly of turnover without having the burden to maintain books of accounts.

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