Small business Income tax calculation

Tax queries 1877 views 2 replies

If an propreitor has two retail business, than the limit of 40 lacs (To maintain books of accounts and self declaration of 5% net profit) applies to each business or it applies to the Proprietor on a consolidated turnover of both the business.

Thanks in advance

Replies (2)

club his income and make profit and loss account file the itr as per profit thereon.

If clubbing of turnover exceeds 40 lacs then?.


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