Aop
This query is : Resolved
22 January 2018
Sir/Madam,
Can AOP file their IT return on presumptive basis if not then which ITR need to select.
Plz confirm....
Thanking you.
Can AOP file their IT return on presumptive basis if not then which ITR need to select.
Plz confirm....
Thanking you.
23 January 2018
There are several provisions that deal with presumptive taxation under the Income Tax Act, 1961.
Section 44AD - For certain business 8% is considered as taxable profit. This section applies only to eligible assessee defined as Individual, HUF, or Firm other than LLP.
Section 44ADA - Applies to any assessee and this should include AOPs. Here 50% of turnover considered as profit in case of assessee engaged in specific professions.
Section 44AE - Presumptive taxation from business of plying hiring or leasing goods carriages. This applies to all assessee and includes AOP in my opinion
Section 44AF - Profits and gains from retail business applies to all assessee and includes AOP
Apart from this there are sections dealing with non residents in business of shipping, oil exploration, aircraft ops which are not applicable in your case.
Section 44AD - For certain business 8% is considered as taxable profit. This section applies only to eligible assessee defined as Individual, HUF, or Firm other than LLP.
Section 44ADA - Applies to any assessee and this should include AOPs. Here 50% of turnover considered as profit in case of assessee engaged in specific professions.
Section 44AE - Presumptive taxation from business of plying hiring or leasing goods carriages. This applies to all assessee and includes AOP in my opinion
Section 44AF - Profits and gains from retail business applies to all assessee and includes AOP
Apart from this there are sections dealing with non residents in business of shipping, oil exploration, aircraft ops which are not applicable in your case.
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