Doubt on sec44ad

CA Raviteja (Risk Management) (585 Points)

27 January 2012  

Friends, i have a doubt regarding Sec44AD presumptive income. Are there any receipts which fall under Sec44AD and where Income is considered at 12.5% of Gross Receipts for AY 2010-11? If an assessee is engaged in Works contracts business and wnats to tax under presumptive income, what is the rate?