Query on Revised sec 44AD
This query is : Resolved
05 May 2011
If a person is dealing in sale n purchase of database n sms having gross receipts upto Rs. 8,50,000. Can he claim income on presumptive basis u/s 44AD.
If yes, which documents are required to be kept as proof if a case comes in scrutiny
If yes, which documents are required to be kept as proof if a case comes in scrutiny
06 May 2011
44AD is not applicable in your case.
This is applicable in the case of an assessee engaged in the business of civil construction or supply of labour for civil construction.
This is applicable in the case of an assessee engaged in the business of civil construction or supply of labour for civil construction.
06 May 2011
Yes, he can claim his income on presumptive basis under Section 44AD w.e.f. 01-04-2011.
The section has been amended by (Finance Act(no.2)2009 to include all business other than those mentioned in Section 44AE and having turnover/gross recipts less than 60 lacs.
The section has been amended by (Finance Act(no.2)2009 to include all business other than those mentioned in Section 44AE and having turnover/gross recipts less than 60 lacs.
07 May 2011
Yes my answer was only for AY 2010-11.
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