44ad
This query is : Resolved
Anand Modi
(Querist)
26 March 2012
Whether 44AD is applicable if income is below exemption limit i.e. below 1,80,000/- and for counting exemption limit do we have to consider section 80C and 80D deductions Please reply asap.
CA Prashant Gupta
(Expert)
26 March 2012
44AD is applicable whether income is below exemption limit or not. this is irrelavant for this. as per 44AD if person is doing business (except business of 44AE) then he can show income as 8% of gross receipt. it can be less then basic exemption limit.
he can take 80C and 80D deduction there is no restriction on this.
he can take 80C and 80D deduction there is no restriction on this.
Anand Modi
(Querist)
26 March 2012
Dear Sir,
In act it is written in 44AD (5) that notwithstanding anything contained in the foregoing provisions , an eligible assessee who claims that his profits from B&P is lower than 8% and his income exceeds maximum amt not chargeable to income tax than only he has to get his books of accounts audited and maintain books of accounts
In act it is written in 44AD (5) that notwithstanding anything contained in the foregoing provisions , an eligible assessee who claims that his profits from B&P is lower than 8% and his income exceeds maximum amt not chargeable to income tax than only he has to get his books of accounts audited and maintain books of accounts
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