44 AD
This query is : Open
sankar ponnan
(Querist)
02 April 2021
SIR/MAM -
We are the Partnership firm, having the turn over below Rs.1 Cr., and had commenced our business in 2020-21.
We are hiring our 7 trucks to GTA Pvt Ltd Company.
Can we file ITR u/s 44 AD ?
If yes? Can show the profit as 6 % on receipts and payments?
Plz guide us
Thanks in adv
We are the Partnership firm, having the turn over below Rs.1 Cr., and had commenced our business in 2020-21.
We are hiring our 7 trucks to GTA Pvt Ltd Company.
Can we file ITR u/s 44 AD ?
If yes? Can show the profit as 6 % on receipts and payments?
Plz guide us
Thanks in adv
CMA Poornima Madhava
(Expert)
02 April 2021
Provisions of section 44AE may be relevant to you. For more details, https://taxguru.in/income-tax/section-44ae-income-tax-act-1961.html
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