Mr. Ram is Sole proprietor in following 3 businesses –
|
Particulars |
Turnover during 2010-11 |
|
Business – I - Industrial Parts |
26 lakhs |
|
Business – II – Retail trade of cloth |
21 lakhs |
|
Business – III – Plying of 3 lorries |
14 lakhs |
1) He wants to know he has apply presumptive taxation u/s 44AD and 44AE ? If answer is yes, then he has to get maintenance of books of accounts u/s 44AA and his books of account audited u/s 44AB ?
2) If in case of Business – II – Retail trade of cloth, turnover during the year 2010-11 is Rs. 20 lakhs, in that case he has apply presumptive taxation u/s 44AD and 44AE? If answer is yes, then he has to get maintenance of books of accounts u/s 44AA and his books of account audited u/s 44AB ?
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