is presumptive tax applicable to small manufacturing business having turnover below audit limit that below 40 lacs total turnover
Amir
(Learner)
(4016 Points)
Replied 20 April 2010
Dear Vicky,
Yes From FY 2010-2011, EVEN MANUFACTURING BUSINESSES ARE ALSO COVERED UNDER PRESUMPTIVE TAXATION U/S 44AD..
Vicky
(none)
(26 Points)
Replied 20 April 2010
thanks Amir,
where can i get more knoledge and also please answer which book do you reffer to get answer.
please reply my question our c.a says that it is applicable only to retail business like shops and etc not for the manufacturing units though it is proprietory unit or partnership firm having two to three partners.
so kindly let me know the ref. book so that i can explain him
Vicky
Amir
(Learner)
(4016 Points)
Replied 20 April 2010
Dear Vicky,
Ealier it was limited to retail businesses only but from FY 2010-2011, THE BENEFIT HAS BEEN EXTENDED TO MANUFACTURING CONCERNRS AS WELL..............
I am sure ur consultant must have told you about FY 2009-10.....
Rahul Bansal
(Finalist)
(35929 Points)
Replied 27 April 2010
CAclubindia
