Section-44af

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This query is : Resolved

CA RICHA SHAH (Querist)

25 April 2012 I want to know about applicability of Section-44AF on whom??Is it possible both 44AD N 44AF applicable simultaneously?

CA Dileep Surya Kumar

CA Dileep Surya Kumar (Expert)

25 April 2012 Section 44AF has already been withdrawn.

Section 44AD applicable for ELIGIBLE ASSESSES,WHO ARE DOING ELIGIBLE BUSINESS

Eligible Assessee means:-

(1) an individual

(2) Hindu undivided family

(3) a partnership firm

(4)who is a resident.

but does not include a limited liability partnership firm as defined under clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009).

ELIGIBLE BUSINESS MEANS

• Manufacturing

• Trading

• Wholesale

• Retail

• Job Work

• Service business

• Speculative/ Non specultive.

EXCEPT

• Transport Business (Transportation Business has special treatment under section 44AE).
whose total turnover or gross receipts in the previous year does not exceed an amount of [sixty lakh rupees)

Additional Critaria:

A assesee who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of Chapter VIA under the heading C. - Deductions in respect of certain incomes in the relevant assessment year.