Application of sec 44ad
This query is : Resolved
CA Shyam Agarwal
(Querist)
23 August 2016
Respectable experts
Please suggest that a personal having income from cold storage facility. Gross Receipt for the FY 15-16 is Rs. 600000/-P.A. He wants to disclose income u/s 44ad by declaring Profit more than 8% (approx 25%). Can he do so.
Please suggest that a personal having income from cold storage facility. Gross Receipt for the FY 15-16 is Rs. 600000/-P.A. He wants to disclose income u/s 44ad by declaring Profit more than 8% (approx 25%). Can he do so.
Yogesh Agarwal
(Expert)
23 August 2016
He is not required to file his return of income as even 25% of the 6 lacs is less than the basic exemption hence not covered u/s44AD. Kindly note this advise is given assuming your assessee does not have any other income...
CA Shyam Agarwal
(Querist)
26 August 2016
Sir I am agree with you that he is not required to file ROI. But he want to file ITR please tell me we can show this income u/s 44AD.
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