DEEMED INCOME U/S.44AD
This query is : Resolved
V S A PRASAD
(Querist)
04 August 2007
THE ASSESSEE IS EXECUTING BOREWELL CONTRACTS FOR GOVERNMENT DEPARTMENTS. WHETHER THE PROVISONS OF SECTION 44AD ARE APPLICABLE TO THE BOREWELL CONTRACATORS. THE NATURE OF THIER BUSINESS IS TO DIG BOREWELL.
05 August 2007
Hi!!
According to my view the assessee executing borewell contracts can take the shed of sec 44 AD...
According to my view the assessee executing borewell contracts can take the shed of sec 44 AD...
05 August 2007
YES YOU CAN TAKE ADVANTAGE OF SECTION 44AD BY SHOWING PROFIT 8 % APPLICABLE UPTO THE LIMIT OF 40 LAKS.
06 August 2007
This will fall under Explanation (b) to Sec.44AD i.e. Execution of Works contract.
So, Sec.44AD applies.
So, Sec.44AD applies.
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