section 44AD motor training school
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
19 July 2011
Can a owner of Motor training School( Gross Receipt 100000) file returns U/s. 44AD
19 July 2011
What are the conditions for the applicability of section 44AD?
As per the new provisions, to be covered by presumptive taxation u/s. 44AD, the following conditions shall be satisfied: -
(a) There shall be “eligible assessee”
(b) There shall be “eligible business”
“Eligible assessee” has been defined to mean: -
- An individual, HUF, Partnership Firm (except Limited Liability Partnership); and
- Who has not claimed any income based deduction or exemption (section 10A to 10BA or
chapter VIA Part C)
“Eligible business” will cover: -
- Any business except the business of plying, hiring or leasing goods carriages referred to in
section 44AE; and
- Whose total turnover or gross receipts in the P.Y. does not exceed Rs. 60 lakhs.
As per the new provisions, to be covered by presumptive taxation u/s. 44AD, the following conditions shall be satisfied: -
(a) There shall be “eligible assessee”
(b) There shall be “eligible business”
“Eligible assessee” has been defined to mean: -
- An individual, HUF, Partnership Firm (except Limited Liability Partnership); and
- Who has not claimed any income based deduction or exemption (section 10A to 10BA or
chapter VIA Part C)
“Eligible business” will cover: -
- Any business except the business of plying, hiring or leasing goods carriages referred to in
section 44AE; and
- Whose total turnover or gross receipts in the P.Y. does not exceed Rs. 60 lakhs.
19 July 2011
If you show profits more than 8%(i.e. Rs. 8000), then you can fill your return u/s 44AD.
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