Section 44ad, 44ae, 44af
This query is : Resolved
27 March 2012
Can anyone please give detailed explanation of sections 44ad, 44ae & 44af
04 April 2012
Section 44AD for FY 11-12:
1. Applies to ALL business except business covered u/s 44AE.
2. Gross receipts or turnover should not exceed Rs. 60 lakhs (increased to Rs. 1 crore by Budget 2012).
3. Covers individual, HUF and firm but not LLP.
4. The assessee has to show a minimum income of 8% of gross receipts/turnover.
5. The assessee is NOT required to maintain books of accounts and NOT required to get his accounts audited.
Section 44AE:
1. Applies to business of plying or hiring goods carriages.
2. The assessee should NOT own more than 10 carriages at any time during the year.
3. Minimum income in case of heavy vehicles is Rs. 5,000/- per truck per month and in case of other vehicles is Rs. 4,500/- per truck per month.
4. The assessee is NOT required to maintain books of accounts and NOT required to get his accounts audited.
Section 44AF has been repealed and is no longer applicable.
1. Applies to ALL business except business covered u/s 44AE.
2. Gross receipts or turnover should not exceed Rs. 60 lakhs (increased to Rs. 1 crore by Budget 2012).
3. Covers individual, HUF and firm but not LLP.
4. The assessee has to show a minimum income of 8% of gross receipts/turnover.
5. The assessee is NOT required to maintain books of accounts and NOT required to get his accounts audited.
Section 44AE:
1. Applies to business of plying or hiring goods carriages.
2. The assessee should NOT own more than 10 carriages at any time during the year.
3. Minimum income in case of heavy vehicles is Rs. 5,000/- per truck per month and in case of other vehicles is Rs. 4,500/- per truck per month.
4. The assessee is NOT required to maintain books of accounts and NOT required to get his accounts audited.
Section 44AF has been repealed and is no longer applicable.
07 April 2012
in section 44ad, what if the gross receipts exceeds 60 lakhs??
09 April 2012
In that case you have to maintain books of accounts and also get your accounts audited.
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