44 ad

Eligible assessee is:

Under section44AD Eligible Assessee means:-

(1) an individual (2) Hindu undivided family (3) a partnership firm (4)who is a resident.

but does not include firm limited asliability defined under clause (n) of sub-section (1) of section 2 of the Limited Liability ,Partnership act 2008.

Who all are the aseessees not covered under Section 44AD?

• Individual who is not resident

• HUF who is not Resident

• Association of Person

• Firm having non resident Status.

• A local Authority

• A co-operative Society

• Limited Liability Partnership bith Indian as well as Foreign

• Companies both Domestic and Foreign comapny

• Every Artificial Juridical Person

As per the above explaination the partnership firm can opt the scheme of presumptive income under section 44AD

Agreed wd ritesh sir

Yes Mr. Saurabh, the partnership firm whose residential status is "Resident" and engaged in business of manufacturing can opt to show its profit under Section 44AD (eligibility status explained well above).

Thanks.