Deduction u/s 80p (2) (a) (vi) and section 44ad
This query is : Resolved
25 August 2016
If a co-operative society is engaged in the labour work and is eligible to claim deduction u/s 80P (2) (a) (vi). Its turnover for FY1516 is apprx 60 lacs and profit is around 1 lac which is fully exempt u/s 80P (2) (a) (vi). Then should it get accounts audited as it is below 8%. Or it should show profit @ 8% i.e 4.8 lacs and claim full amount u/s 80P?
25 August 2016
"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);
So to say cooperative society is NOT an eligible assessee under 44AD.
(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);
So to say cooperative society is NOT an eligible assessee under 44AD.
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26 August 2016
Ohh.. Sorry for the query, I got confused between two things and did not check the basics.. Thanks for the reply..
27 August 2016
you are most welcome.
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