Presumptive profit u/s 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 April 2013 we are running coffee processing unit and my receipts/curing charges is below 44 ab limit. my question is

1.can I go for presumptive profit u/s 44 ad where I declare 8% without maintining the books of accounts

02.My fixed assets is more than 75 lakhs whether it will make any difference.
03.whether curing charges will come under presumptive prfot u/s 44ad

please clarify

Anand

Anand (Expert)
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30 April 2013 You have to be an Individual, HUF or a Partnership Firm (not LLP) to be able to opt for presumptive taxation u/s 44AD. You can also not claim any deduction under Section 10A,10AA, 10B, 10BA which deal with deductions claimed for units in SEZ, FTZ, 100% EOU etc. You also cannot claim deduction under chapter VIA, this includes your 80C investment limit of Rs. 100000/-.

All businesses other than plying, leasing hiring of good carriages, any profession, commission agents, or any other agents, are allowed to opt for 44AD. So coffee curing will also be eligible business.

The extent of your fixed assets will not hamper the option. You can still opt for 44AD.

C A S.S.Agarwal, M.Com.,LL.B,

C A S.S.Agarwal, M.Com.,LL.B, (Expert)
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12 June 2013 Yes as your tO is below 44AB limit you can opt for 44AD and show profit of 8% and file the reurn accordingly.

Other matters I agree with the expert

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