Comment on Taxation Simplified
commented on
31 May 2013, 01:28 PM
Vinny,
It is not a common practice in the business of trading to declare presumptive business income at 8% of turnover/gross receipts. I will have to take a further opinion on this.
The best option would be to calculate actual business income and file ITR4. Also add your other income and get benefit of respective deductions.
Cheers,