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Application of sec 44ad

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(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.
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Yogesh Agarwal

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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...
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CA Shyam Agarwal

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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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