Section 44ad
This query is : Resolved
Querist : Anonymous
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?
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
(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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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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