44 ad

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ravi agarwal

ravi agarwal (Querist)
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23 January 2015 sir whether hotel and restaurant can file their return u/s 44ad

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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23 January 2015 YES but turnover not to exceed one crore.

Rupesh Jain

Rupesh Jain (Expert)
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23 January 2015 In my opinion no dut to its not the trading business.

Rupesh Jain

Rupesh Jain (Expert)
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23 January 2015 In my opinion no due to its not the trading business.

CA ANILKUMAR B.COM FCA DISA

CA ANILKUMAR B.COM FCA DISA (Querist)
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24 January 2015 You have not mentioned what type of hotels and restaurants. Please read explanation to section 44AD.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 January 2015 The provisions of section 44AD are applicable to such resident assessee who is an Individual,Hindu Undivided Family and Partnership Firm but not Limited Liability Partnership Firm.
Companies 44AD is not applicable.

The presumptive taxation scheme under these provisions can be opted for by the eligible assessee who is engaged in any business (except the business of plying, hiring or leasing goods carriages referred to in section 44AE), whose turnover or gross receipts from such business do not exceed the limit of audit prescribed under section 44AB (i.e., Rs. 60,00,000 for the previous year 2011-12 and Rs. 1,00,00,000 from the previous year 2012-13). Further, these provisions can be adopted by the assessee only if he has not claimed deduction under section 10A/10AA/10B/10BA or under sections 80HH to 80RRB in the relevant year.

Hotel and restaurant business is covered provided it is carried on by individual/ huf/partner ship firm.

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