44 ad applicability
This query is : Resolved
07 June 2016
DEAR EXPERTS
ASSESEE OWNS A WINDMILL FOR MORE THAN 10 YEARS. HIS DEPRECIAITON IS NOW FULLY UTILISED AND THE WDV VALUE HAS BECOME ALMOST ZERO.
CAN HE OPT FOR 44 AD PRESUMPTIVE BASIS FROM THIS YEAR, BECAUSE IF HE CONTNIUES TO MAINTAIN ACCOUNTS HE ENDS UP IN HIGH PROFITS AND HIGH TAXABLE INCOME WHICH IS MORE THAN 8% BECAUSE OF NIL DERPECIAITON.
ASSESEE OWNS A WINDMILL FOR MORE THAN 10 YEARS. HIS DEPRECIAITON IS NOW FULLY UTILISED AND THE WDV VALUE HAS BECOME ALMOST ZERO.
CAN HE OPT FOR 44 AD PRESUMPTIVE BASIS FROM THIS YEAR, BECAUSE IF HE CONTNIUES TO MAINTAIN ACCOUNTS HE ENDS UP IN HIGH PROFITS AND HIGH TAXABLE INCOME WHICH IS MORE THAN 8% BECAUSE OF NIL DERPECIAITON.
07 June 2016
If his turnover is within 44AD limits, he can opt for 44AD.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Showing Gift from relative in ITR for this year
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR selection for salaries and capital gain less than L
- Treatment of Pension ?annuity returns on PMVY
- ITR filing- non tax audit cases- Asstt.Year 2026-2027
- Soyabean hsn code and gst rate
- Regarding IMS Mandatory from 1st July 2026
- Form 27Q Correction statement taking too long to update on IT Portal
- Scrutiny assessments u/s 143(2) for AY 25-26
- TDS related Query_Liquidated Damages
- Capital Gain on EUITY Shares
- Gst invoice numbering and delivery challan numbering
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Small dealers gst returns filing
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
