U/s 44ad applicability
This query is : Resolved
01 May 2012
My company receive around Rs.80 lac from various party on the financial year 2012-2013, whereas billed amount was around 54 lac, rest of receive amount is treated as an advance receive from party for work execution,Is my company file IT return SUGAM 4S under 44AD rule?
01 May 2012
You can opt for Section 44AD provided that the assessee is Individual / HUF / Partnership Firm. In other cases, 44AD is not applicable.
01 May 2012
I KNOW THAT . BUT IS IT APPLICABLE WHEN MY GROSS RECEIPT EXCEEDS RS.60 LACS BUT TURNOVER IS BELLOW RS. 60 LACS IN F.Y. 2011-2012
24 May 2012
Section 44AD is applicable if the turnover does not exceed Rs. 60 lakhs.
Since your turnover does not exceed Rs. 60 lakhs, you are eligible for benefit u/s 44AD.
Since your turnover does not exceed Rs. 60 lakhs, you are eligible for benefit u/s 44AD.
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