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Proprietary business

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(Querist)
17 July 2012 If a proprietary business has an annual turnover of Rs. 25 Lakh, then which shall be the best option for it??? Means as an normal assessment or u/s 44AD???
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Guest

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Guest (Expert)
17 July 2012 better option is 44AD(8% of turnover). If u dont want to apply 44AD than u need to get audit your books of accounts
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CA ARIHANT JAIN

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CA ARIHANT JAIN (Expert)
17 July 2012 its depend on how much profit you are earned if it is less then what comes under 44ad then apply normal provision otherwise follow 44ad.
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Bhavin Jariwala

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Bhavin Jariwala (Querist)
17 July 2012 Can you give me the suggestions about deductions if we opt for 44AD???
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Bhavin Jariwala

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Bhavin Jariwala (Querist)
17 July 2012 How much profit is to be given under 44AD??
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Guest

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Guest (Expert)
17 July 2012 no expenses will be allowed.... however u can claim deductions under Chapet Vi-A
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Guest

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Guest (Expert)
17 July 2012 8% of sales is the profit

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