New Presumptive taxation u/s 44AD from AY 2011-12

Hi

Please let us know if a business having gross receipt around 35 lacs and its loss around 2 lacs . in such case 44AD will attract.

Its required to get book of accounts audited?

kindly clarify my client doing homeloan processing and getting commision whether he fan file

under persumtive tax itr 4s total turna over arround 20 laks

kindly clarify my client doing homeloan processing and getting commision whether he fan file

under persumtive tax itr 4s total turna over arround 20 laks

Hello..   Any one Can clarify me Assessee having  Coaching Class-Tution Income  Can he opt for 44AD  ?

whether basic exemption is allowed.

Yes, Basic Exemption limit of Residential Individual & HUF is considered

Originally posted by : kirit Hello..   Any one Can clarify me Assessee having  Coaching Class-Tution Income  Can he opt for 44AD  ?

No. any professional income not considered in Original Section 44AD. But for them new section 44ADA with 50% margin has been introduced, which is effective from Ass Year 2017-18.

It is applicable to professionals also but the income will be fifty percent and eight percent.

it is added for professions but income to be declared as fifty percent and not eight percent as for buisness.