Sec. 44ad

This query is : Resolved

Share Report Follow Query Ask a Query

RAKESH SHARMA

RAKESH SHARMA (Querist)
Follow

28 February 2013 Please elaborate Eligible person and Eligible business u/s 44AD of income tax act 1961.

CA Himanshu Kansal

CA Himanshu Kansal (Expert)
Follow

28 February 2013 "eligible assessee" means,—
(i) an individual, Hindu undivided family or a partnership firm, who is a resident, but not a limited liability partnership firm as defined under clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009); and
(ii) who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading "C. - Deductions in respect of certain incomes" in the relevant assessment year;

"eligible business" means,—
(i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and
(ii) whose total turnover or gross receipts in the previous year does not exceed an amount of [sixty lakh rupees].

RAKESH SHARMA

RAKESH SHARMA (Querist)
Follow

28 February 2013 Thanks sir.
So it means a person claiming deduction under any other sec. of chapter VI A other than sec.80C is not an eligible person.?

CA Himanshu Kansal

CA Himanshu Kansal (Expert)
Follow

28 February 2013 No, other than c heading, such person is an eligible assessee. Like if an assessee claiming deduction under section 80D, yes it is an eligible assessee.

RAKESH SHARMA

RAKESH SHARMA (Querist)
Follow

01 March 2013 thank u very much sir

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Aakash Kumar

Sabareesan S Venkatesh

Chaitanya Voolla

Abhishek Kabra

Choudhary

Subscribe Now

Sec. 44ad

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

Manager- Finance and Compliance

CA Final

GST CONSULTANCY

Senior Executive