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While claiming Business under 44AD ,80C is availabe (Income Tax)

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This query is : Resolved

Querist : Anonymous

( Querist )
19 June 2011

As per the wording of the section 44AD from AY 2011-12
Assessee claiming his business income under Section 44AD, would be eligible only if he has not claimed deduction under section 10A,10AA,10B,10BA and or deduction under any provisions of Chapter VIA under the heading “C. - Deductions in respect of certain incomes” in the relevant assessment year;

I am not able to understand whether 44AD assessee will be eiligibe for 80C,80D,80E or not.

U S Sharma

( Expert )
19 June 2011

44AD is only a norm that assessee can not declare his business profit below 8% and if he declare below it, then he has to get audited u/s 44AB

Querist : Anonymous

( Querist )
20 June 2011

your answer is absolutely right , but my query is whether the person who is claiming deduction under chapter VIA of income tax act,1961 , will be an eligible assessee under section 44AD.

because as per the Act's definition eligible person means a perons who does not claim deduction under 10A 10AA 10B, 10BA or chapter VIA .


( Expert )
20 June 2011

44AD assessee is eligible for deductions u/s 80C, 80D, 80E. They are not eligible for deductions under Chapter VIA under the heading “C. - Deductions in respect of certain incomes” which means they will not be eligible if they claim deduction under section 80H to 80TT.

Querist : Anonymous

( Querist )
21 June 2011

thank you sir..



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