44AD eligiblity

129 views 4 replies
turnover -50,00,000
net profit -5,00,000
can opt for 44AD
Replies (4)

What type of Busniess you have ?. 

he is running a medical store. retail

1)  44 Ad  is appicable  to Individual  & partnership  firm  not LLP 

2) Your total  turnover or gross receipt in the previous year dose not exceed an amount of RS- 2 crore . 

If you fufil above conditions then you can opt  44 AD as  per the income tax act 1961  and you have opt this  schme for 5  years .

Yes, you can definitely file return under section 44AD as long as profit margin is 8% or more and turover is upto ₹ 2 crores. To know more about section  44AD, 44ADA and 44AE, you can read this post. - Guide to Presumptive taxation (section 44AD, 44ADA and 44AE.
 


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register