Section 44ad
This query is : Open
25 July 2011
Whether speculative business covered by Section-44AD or not..If yes which ITR will be applicable??
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.
.
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.
.
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.
.
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.
.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
