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Can a CA intermediate file return under 44AD or 44ADA

25 April 2020

I am CA intermediate

1. Can i file return under 44AD or 44ADA

2. Is there any where clear definition of accountancy by CBDT of who is covered by section 44

3. If no books of accounts are required how can it be justified if required by assesing officer of income declared in 44AD / 44ADA

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debora M (BUSINESS DEVELOPMENT MANAGER) (1697 Points)
Replied 08 June 2020

Section 44AD of Income Tax Act

Eligible Business – Presumptive Taxation scheme under sec 44AD covers all small businesses with total turnover / gross receipts of upto 200 Lakh (except the business of plying, hiring, and leasing goods carriages covered u/s 44AE). Eligible Assessee – Sec 44AD covers – Resident Individuals HUF’s Partnership Firm (but not LLP)

The above persons must not have claimed deduction under any of the section 10AA or deduction under any of the provisions of Chapter VIA under the heading “C – Deductions in respect of certain incomes” in the relevant assessment year would be covered under this scheme.

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