Indudhar (Tax Advocate) (427 Points)
07 March 2012hi friends,
My client is having two business,
1) wholesale business
2) Contract Works
He has maintained detailed books of accounts for only his wholesale business.
Can we file his return showing one business as special business u/s 44AD and another business with books of accounts?
And his net income arrived doesnt cross the taxable limit..
Please guide me..
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 07 March 2012
You can show the income of the wholesale business on a presumptive basis as it is an eligible business as per Sev 44AD.
for the contracts work business, you can show the income as per normal tax provision, as I guess that the income from this business doesn't cross the basix exemption limit.
CAclubindia
