44AD

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Querist : Anonymous

Querist : Anonymous (Querist)

04 July 2011 How to apply 44AD in the assestment year 2011-12 ? And, remuneration and intrest paid to partner are allowed in case of 44AD ?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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05 July 2011 1. 44AD can be applied to the eligible assessees for eligible business.
2. Eligible Assessee: Individual, HUF, Firm.
3. Eligible Business: Any
-except the business of plying or leasing goods carriages, (Trucks, LMVs etc).
And, Turnover limit 60.00 lacs.
4. Show Profit 8% or more on turnover.

In case of firms first calculate 8% or more of the turnover as profit and deduct salary and interest to partners out of it.

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