Tailoring income show u/s 44af/ad
Querist :
Anonymous
(Querist) 24 December 2011
This query is : Resolved
Hello Experts,
Q1.Can Tailoting business income & Mobile repairing income show u/s 44AF/AD gross receipt basis either 5% or 8%?
Thanx..
A V Vishal
(Expert) 24 December 2011
For which financial year.
YOGESH NARANG
(Expert) 24 December 2011
tailoring & mobile Repairing is not covered under 44AD and 44AF these are professions.
44AF is not aplicable in asst. Year 2011-12
according to 44AD
“eligible assessee”means,—
(i)an individual, Hindu undivided family or a partnership firm, who is a resident, but not a limited liability partnership firm.
(ii)who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA, 80HH to 80RRB in the relevant assessment year.
“eligible business”means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE.
(ii)whose total turnover or gross receipts in the previous year does not exceed an amount of 60 lakhs.
NOTE: Any Business also includes Speculative business but profession is not covered.
Querist :
Anonymous
(Querist) 26 December 2011
Yogesh Narang sir as per my knowledge tailoring is business but designing of cloths are profession.Mobile repairing is profession is correct..Plz Explain more..
