Pankaj (Manager) (295 Points)
28 February 2012Dear all,
I have to submit income tax return of F Y 10-11 of my client .
Occupation is Beauty parlor & Insurance adviser.
Gross Commission from Insurance Business Rs 638109/-
Gross Receipt from Beauty parlor Business Rs 102450/-
I have question, that new presumptive income scheme u/s 44AD new can be used in this matter.
Means is her Occupation eligible for benefit u/s 44AD.
Please help in this matter.
SIDDHARTH KOTHARI
(N.A)
(280 Points)
Replied 28 February 2012
Applicabilty of Sec 44AD is to all businesses except the busines of plying ,hiring or leasing of the goods carriages.
Now ,
Apply sec 44AD as follwos:
8%(638109 + 102450)
or
net taxable income
whichever is higher!!!
Ramanuj
(Accountant.)
(834 Points)
Replied 29 February 2012
Dear Sir
I think its applicable u/s 44ad.
Rehbar Siamwala
(Sr. Executive Taxation)
(112 Points)
Replied 29 February 2012
I agree with mr. Siddharth kothari, it is applicable to all the business or profession
sadashiv Rupchand Gaikwad
(Proprietor)
(521 Points)
Replied 02 March 2012
You may take benefit sectiion 44AD
25 Hours GST Scrutiny of Return and Notice Handling(With Recording)
Survey, Search and Seizure under Income Tax Act 1961
CAclubindia
