29 January 2009
No, depreciation is deemed to have been claimed.(Refer proviso to sub section 1) The section as such the flat rate does not apply in case the receipt is 40 lacs or more(Refer sub section 2)
04 March 2009
if u opt for section 44AD than all the deductions U/S 30 to 38 including depreciation, are deemed to have been allowed and no further deductions are allowed. except in case of firm normal deduction in respect of salary and interest to partners U/S 40(b) shall be allowed.
CAclubindia
