DEEMED INCOME U/S.44AD

This query is : Resolved

V S A PRASAD (Querist)
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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.

CA Nikita

CA Nikita (Expert)
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05 August 2007 Hi!!
According to my view the assessee executing borewell contracts can take the shed of sec 44 AD...

D.C AHUJA

D.C AHUJA (Expert)
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05 August 2007 YES YOU CAN TAKE ADVANTAGE OF SECTION 44AD BY SHOWING PROFIT 8 % APPLICABLE UPTO THE LIMIT OF 40 LAKS.

CA Mani

CA Mani (Expert)
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06 August 2007 This will fall under Explanation (b) to Sec.44AD i.e. Execution of Works contract.
So, Sec.44AD applies.

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DEEMED INCOME U/S.44AD

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