44ad

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safal (Querist)
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09 March 2015 If the assessee was under Tax audit in AY 2012-13 in the subsequent year the same assessee's T/o does not exceed Tax audit limit
IN AY 2012-13 T/o above 60Lac
IN AY 2013-14 & 2014-15 T/o less than 1cr

can we file the assessee's return under sec 44ad for AY2013-14 and 14-15.

Also Please provide with the Act Reference

Assessee's in in business other than plying, hiring and leaseing of goods

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 March 2015 Yes you can file return u/s 44AD being eligible assessee.

Applies to: Any eligible assessee engaged in an eligible business. Eligible assessee is defined as an individual, HUF, resident partnership firm, but excludes an LLP under the LLP Act, 2008 and any assessee who has claimed a deduction under sections 10A, 10AA, 10B, 10BA or heading C of Chapter VIA (sections 80I-A, 80-IB, etc.). An eligible business means any business other than the business of plying, hiring, or leasing of goods carriage as given in section 44AE and whose turnover/gross receipt in the previous year does not exceed Rs. 60,00,000 in A.Y. 2011-12 and 2012-13 and Rs. 1,00,00,000 in AY 2013-14 or in Year Succeeding the AY 2013-14.

safal

safal (Querist)
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10 March 2015 Sir,

My turnover is exceeding the limits so i'm not to maintain books of accounts.
or is the clause only for the specified business

regards
safal

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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10 March 2015 If your turnover is exceeding the limits you have to maintain books of accounts and option not available for 44AD and liable for tax audit u/s 44AB.

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