Sec 44ad for proprietary firm
Querist : Anonymous
Can i opt sec 44AD for proprietary firm having turnover 89 Lakh in AY 2016-17 if so?
Also clarify can i avail the exemption of 2.5 Lakh and the deduction of 80C & 80D in sec 44AD,
Thanks & Regards
Mukul Chauhan
2 Basic exemption 2.5 lacs and 80C and 80D deduction available in sec 44AD.
Querist : Anonymous
In sec 44AD i have to declare 8% Net profit for chargability of tax but my actual Net profit is 11.26% pls clarify even in this scenario weather i can opt sec 44AD or not?
Also do clarify since actual NP is more then 8% so will actual NP 11.26% be trf to capital a/c or only 8%
2 You can declare 8% profit for IT and can transfer NP 11.26% to capital ac.
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