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New Presumptive taxation u/s 44AD from AY 2011-12

This query is : Resolved 
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(Querist)
12 July 2011 Whether this provision will apply to Industrial units??
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Bhaskaran Chackrapani Warrier

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Bhaskaran Chackrapani Warrier (Expert)
12 July 2011 Yes because such units will come under the definition of 'eligible business'. Pl see explanation (b)(i) to section 44AD of the IT Act,1961.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
12 July 2011 In the section 44AD every "eligible business" is covered.
No where it has been mentioned in the section as well as in the act that industrial undertakings owned by individuals , HUFs or Firms are not Eligible Businesses.

Exceptions:1. Turnover above 60.00 lacs
and 2. business of plying , hiring, or leasing goods carriages



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CA Jigisha

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CA Jigisha (Querist)
13 July 2011 Thanks for the answer
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