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Section 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
17 July 2012 can anyone explain me in simple terms section 44AD? what is the income to be shown under the head profits/gains from business or profession for the same?
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CMA Ramesh Krishnan

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CMA Ramesh Krishnan (Expert)
17 July 2012 Eligible business u/s.44AD

(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 or limit specified in sec.44AA
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CA Manikandan.A.V

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CA Manikandan.A.V (Expert)
18 July 2012 If you falls under 44 AD, you need to show minimum 8% profits on the gross receipts / sales. If you opt show anything less than 8% , you need to audit your books.
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