24 January 2015
The provisions of section 44AD are applicable to such resident assessee who is an Individual,Hindu Undivided Family and Partnership Firm but not Limited Liability Partnership Firm. Companies 44AD is not applicable.
The presumptive taxation scheme under these provisions can be opted for by the eligible assessee who is engaged in any business (except the business of plying, hiring or leasing goods carriages referred to in section 44AE), whose turnover or gross receipts from such business do not exceed the limit of audit prescribed under section 44AB (i.e., Rs. 60,00,000 for the previous year 2011-12 and Rs. 1,00,00,000 from the previous year 2012-13). Further, these provisions can be adopted by the assessee only if he has not claimed deduction under section 10A/10AA/10B/10BA or under sections 80HH to 80RRB in the relevant year.
Hotel and restaurant business is covered provided it is carried on by individual/ huf/partner ship firm.
CAclubindia
