22 January 2019
dear sir,
Can individual who is manufacturer of iron doors & windows opt for sec 44ad for filling his itr for a y 2017-18.
my question is this whether manufacturer can opt for sec 44ad for filling itr if satisfy other conditions of sec 44ad. or this scheme is only for traders.
22 January 2019
As per the Explanation to Section 44AD.
Explanation.—For the purposes of this section,—
(a) "eligible assessee" means,—
(i) an individual, Hindu undivided family or a partnership firm, who is a resident, but not a limited liability partnership firm as defined under clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009); and
(ii) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading "C. - Deductions in respect of certain incomes" in the relevant assessment year;
(b) "eligible business" means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of 58[two crore rupees].
CAclubindia
