Section-44af
This query is : Resolved
25 April 2012
I want to know about applicability of Section-44AF on whom??Is it possible both 44AD N 44AF applicable simultaneously?
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Section 44AF has already been withdrawn.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.
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.
25 April 2012
Agree with above.
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