Sec.44ada
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
05 June 2017
Hi All,
I have read so many articles on sec.44ADA and in most of the articles it is written that Sec. 44ADA is not applicable to LLP.
I have gone through the bare act and no where i have found that sec. 44ADA is not applicable to LLP. It is written resident assessee only. However, under sec. 44AD it is specifically mentioned that sec. 44ad is not applicable to LLP/Company.
Can someone through light? Thanks in advance
I have read so many articles on sec.44ADA and in most of the articles it is written that Sec. 44ADA is not applicable to LLP.
I have gone through the bare act and no where i have found that sec. 44ADA is not applicable to LLP. It is written resident assessee only. However, under sec. 44AD it is specifically mentioned that sec. 44ad is not applicable to LLP/Company.
Can someone through light? Thanks in advance
05 June 2017
i must say that you have pointed a basic issue that bare reading of the section doesn't bar LLP. Bu the explanatory note to the Finance Act 2016 does clarify the inclusion and exclusion
refer https://www.incometaxindia.gov.in/communications/circular/circular03_2017.pdf page 50
refer https://www.incometaxindia.gov.in/communications/circular/circular03_2017.pdf page 50
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