Regarding Section 44AD
This query is : Resolved
02 April 2011
Sir,
I want to ask you following question.
1.Whether wholesale traders whose turnover is below 60 lakhs.Is eligible for enjoying benefits of Section 44AD.
2.Whether a assessee can Claimed deduction under section 80C(PPF,LIC,ELSS-Mutual Fund)who is enjoying benefits of Section 44AD.
3.Whether a assessee can Claim Business expenses like interest,rent,depreciation after arriving on 8 percent profit on turnover who is enjoying benefits of Section 44AD.
I want to ask you following question.
1.Whether wholesale traders whose turnover is below 60 lakhs.Is eligible for enjoying benefits of Section 44AD.
2.Whether a assessee can Claimed deduction under section 80C(PPF,LIC,ELSS-Mutual Fund)who is enjoying benefits of Section 44AD.
3.Whether a assessee can Claim Business expenses like interest,rent,depreciation after arriving on 8 percent profit on turnover who is enjoying benefits of Section 44AD.
03 April 2011
1. Yes wholesale dealers are eligible to enjoy benefits of section 44AD if turnover is less than 60 lakhs from FY 2010-11 onwards.
2.
Deduction under section 80C can be claimed.
3. Business expenses like interest, rent depreciation etc covered by sections 30 to 38 are not allowed as deduction from 8% profit.
2.
Deduction under section 80C can be claimed.
3. Business expenses like interest, rent depreciation etc covered by sections 30 to 38 are not allowed as deduction from 8% profit.
08 April 2011
Hi,
Deductions under Chapter VIA will be allowed, however as far as the Above expenditures are concerned, the following may be noted.
In computing Taxable Business Income Under Sec 44AD, Expenditures under Sec 30 to 38 are deemed to be allowed, therefore you cannot claim the same from the 8% Amount arrived as Business Income under Sec 44AD.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons, ITF Hons
Deductions under Chapter VIA will be allowed, however as far as the Above expenditures are concerned, the following may be noted.
In computing Taxable Business Income Under Sec 44AD, Expenditures under Sec 30 to 38 are deemed to be allowed, therefore you cannot claim the same from the 8% Amount arrived as Business Income under Sec 44AD.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons, ITF Hons
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- GSTR-1A How to update Invoice
- Excess salary payment.
- Stamp Paper for partnership firm change new income tax 2025
- Current Account Opening for Sole Proprietorship with Udyam Certificate - Zero Turnover
- TDS on Purchase of Immovable Property by NRI from NRI
- Capital gain from sale of house property
- INTEREST APPLICABLE ON ITC REVERSAL PORTION
- Value of property in capital gain
- When TDS on GST applied
- Before GSTAT- APL-02 Vs APL-04
- TDS APPLICABILITY......
- Copyright software
- Cash gift by grand mother to her grand daughter
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
- No Compliences after incorporation
- USEFUL LIFE OF USED/SECOND HAND COMMERCIAL VEHICLES
- Claiming TDS deducted by builder on Hardship compensation and Corpus
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
