Section-44af

This query is : Resolved

CA RICHA SHAH (Querist)
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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)
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25 April 2012 Section 44AF has already been withdrawn.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.