income tax
This query is : Resolved
20 April 2011
whether section 44AD applicable to manufacturing and wholesalers ?
CA Navin Jain
(Expert)
20 April 2011
Any eligible assessee engaged in an eligible business. Eligible assessee is defined as an individual, HUF, resident partnership firm, but excludes an LLP under the LLP Act, 2008 and any assessee who has claimed a deduction under sections 10A, 10AA, 10B, 10BA or heading C of Chapter VIA (sections 80I-A, 80-IB, etc.). An eligible business means any business other than the business of plying, hiring, or leasing of goods carriage as given in section 44AE and whose turnover/gross receipt in the previous year does not exceed Rs. 60,00,000.
Ratan Sharma
(Expert)
20 April 2011
Yes , surely.
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