Section 44ad

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rupali rupam

rupali rupam (Querist)
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25 July 2011 Whether speculative business covered by Section-44AD or not..If yes which ITR will be applicable??

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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26 July 2011 THE TERM BUSINESS INCLUDES BOTH SPECULATIVE AND NON SPECULATIVE BUSINESSES.
44AD IS APPLICABLE TO ELIGIBLE BUSINESS(EB) AND AS SPECULATIVE BUSINES HAS NOT BEEN EXCLUDED FROM THE DEFINITION OF EB, 44AD IS APPLICABLE IN SUCH CASES ALSO.
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HOWEVER, PROFITS TO BE DECLARED AT ACTUAL LEVEL (BY CLAIMING THE GENUINE BUSINESS EXPENDITURE ONLY) AND NOT ON PRESUMPTIVE BASIS SPECIFICALLY WHEN IT IS HIGHER THAN
8% OF THE TURNOVER.
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