Section 44 ae or section 44 ad
This query is : Resolved
22 August 2014
can we use any of section ie section 44 ae or 44 ad to calculate income from buisiness or profession
44 ae says min income is 4500 as per f.f 2013-14 in case of l.g.v not more than 10
44 ad says min income is 8% of gross reciept or gross income
so what is the difference between them
44 ae says min income is 4500 as per f.f 2013-14 in case of l.g.v not more than 10
44 ad says min income is 8% of gross reciept or gross income
so what is the difference between them
Nikhil Kaushik
(Expert)
23 August 2014
you cannot use 44AD as long as you are covered under 44AE. refer explanation (b)(i) to section 44AD(6)
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