Dear professionals
I want a clarification - one of my client has a trading business (under proprietory) - with a turn over of Rs.1 Cr. For this we are filing Tax audit reprot. He does contract business and the turn over is less than one crore. Hence for trading we are preparing Trading profit and loss account.
For contract business we have not prepared any profit and loss account. Is it correct to declare this contract business income under 44AD by declaring 8% income.
Or have we to prepare profit and loss and include this business also in Tax Audit Report ?
please calrify
R S Sai Kumar
CAclubindia
