44ad

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 November 2011 MY FATHER IN IN THE NETWORKING BUSINESS. I AM FILLING RETURN AS BUSINESS AND GETTING REFUNDS FROM PAST THREE YEARS. ACTUALLY IN THIS BUSINESS INVESTMENT IS NIL, ACTUAL EXPENSES IS NIL TO 1% AND NOW TIME IN BUSINESS IS ALSO 8 TO 10 DAYS IN A YEAR. THEY RECEIVING 350000 TO 400000 IN A YEAR. I FILE RETURN ON BASIS OF FR..D EXP AND GET REFUND. CAN I FILL RETURN UNDER SEC 44AD.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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19 November 2011 You can file his return U/s 44AD as -

1. Your father, being an Individual, is an "eligible assessee."
2. He is carrying on the business and the said business is an "eligible business".
3. Turnover/ Gross Recipts does not exceed
60 lacs.

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