Amendments in sec 44ad
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
01 March 2016
Dear experts what are the proposed amendments in the section 44AD of the Income tax act 1961
Suresh Ramaswamy
(Expert)
01 March 2016
Now any individual or HUF can opt for presumptive taxation of Business Income @ 8% under section 44AD upto Rs. 2 Crores from F.Y. 2016 - 17 and need not maintain books of accounts. The limit till F.Y. 2015 - 16 was Rs. 1 crore.
The Finance Bill proposes to introduce a new section 44ADA by which professionals (Individuals, HUFs and Partnership Firms, but not LLPs) who were required to maintain books of accounts under section 44AA can now opt for presumptive taxation of Professional Income @ 50% upto a turnover of Rs.50 Lakhs, and need not maintain books of accounts. Corresponding enhancement is made in professional income in Section 44AB.
The Finance Bill proposes to introduce a new section 44ADA by which professionals (Individuals, HUFs and Partnership Firms, but not LLPs) who were required to maintain books of accounts under section 44AA can now opt for presumptive taxation of Professional Income @ 50% upto a turnover of Rs.50 Lakhs, and need not maintain books of accounts. Corresponding enhancement is made in professional income in Section 44AB.
Ankur Singhal
(Expert)
02 March 2016
Dear
Agree with the expert but additional conditions introduced in section 44AD is not disclosed by the expert.
Pls refer finance bill 2016 for the same
Agree with the expert but additional conditions introduced in section 44AD is not disclosed by the expert.
Pls refer finance bill 2016 for the same
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