Sec 44AD
This query is : Resolved
08 October 2010
Hi Guys..,,
For A Y 2011-12 Sec 44AD allows all small business to compute their net taxable income on presumptive basis i.e. 8% of Turnover less than 60lacs.
Does this business include Profession because " Business includes Profession too" or we have to go by literal meaning of business i.e. business only...
because if we take professional having turnover less than 60 lacs under this sec. then there will be controversy regarding tax audit under sec 44AB (limit 15 lacs). as per sec 44AD which is not required because turnover is less than 60lacs.
Please Suggest & Thanks
For A Y 2011-12 Sec 44AD allows all small business to compute their net taxable income on presumptive basis i.e. 8% of Turnover less than 60lacs.
Does this business include Profession because " Business includes Profession too" or we have to go by literal meaning of business i.e. business only...
because if we take professional having turnover less than 60 lacs under this sec. then there will be controversy regarding tax audit under sec 44AB (limit 15 lacs). as per sec 44AD which is not required because turnover is less than 60lacs.
Please Suggest & Thanks
09 October 2010
Sec. 44 AD did not cover profession such as legal, medical etc. it will apply on those which are other then profession.
11 October 2010
agreed. 44AD applicable for business not profession.
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