Section 44ad
Deep Garg (Accountant) (259 Points)
25 March 2017Deep Garg (Accountant) (259 Points)
25 March 2017
CA V KARTHICK
(Chartered Accountant in Practice)
(506 Points)
Replied 25 March 2017
The Limit is for " Income from Business or Professional " . So the limit applies taking all the businesses into consideration.
Prity Agarwal
(CHARTERED ACCOUNTANT)
(363 Points)
Replied 25 March 2017
If the total turnover of the assessee is less than 2 crores from all the businesses then he can file his return of income under section 44AD.
Note : The limit of 1 crore has been increased to 2 crore.
santosh kumar
(Employee)
(31 Points)
Replied 25 March 2017
The wording in Sec 44AD '', a sum equal to eight per cent of the total turnover or gross receipts of the assessee in the previous year'' to mean that the turnover to be looked up on for the assessee not for each line of business he is carrying on.
Prity Agarwal
(CHARTERED ACCOUNTANT)
(363 Points)
Replied 25 March 2017
Yes, it means that we have to look over the total turnover of the assesse and not each line of business that he is carrying.