Regarding Section 44AD
This query is : Resolved
02 April 2011
Sir,
I want to ask you following question.
1.Whether wholesale traders whose turnover is below 60 lakhs.Is eligible for enjoying benefits of Section 44AD.
2.Whether a assessee can Claimed deduction under section 80C(PPF,LIC,ELSS-Mutual Fund)who is enjoying benefits of Section 44AD.
3.Whether a assessee can Claim Business expenses like interest,rent,depreciation after arriving on 8 percent profit on turnover who is enjoying benefits of Section 44AD.
I want to ask you following question.
1.Whether wholesale traders whose turnover is below 60 lakhs.Is eligible for enjoying benefits of Section 44AD.
2.Whether a assessee can Claimed deduction under section 80C(PPF,LIC,ELSS-Mutual Fund)who is enjoying benefits of Section 44AD.
3.Whether a assessee can Claim Business expenses like interest,rent,depreciation after arriving on 8 percent profit on turnover who is enjoying benefits of Section 44AD.
03 April 2011
1. Yes wholesale dealers are eligible to enjoy benefits of section 44AD if turnover is less than 60 lakhs from FY 2010-11 onwards.
2.
Deduction under section 80C can be claimed.
3. Business expenses like interest, rent depreciation etc covered by sections 30 to 38 are not allowed as deduction from 8% profit.
2.
Deduction under section 80C can be claimed.
3. Business expenses like interest, rent depreciation etc covered by sections 30 to 38 are not allowed as deduction from 8% profit.
08 April 2011
Hi,
Deductions under Chapter VIA will be allowed, however as far as the Above expenditures are concerned, the following may be noted.
In computing Taxable Business Income Under Sec 44AD, Expenditures under Sec 30 to 38 are deemed to be allowed, therefore you cannot claim the same from the 8% Amount arrived as Business Income under Sec 44AD.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons, ITF Hons
Deductions under Chapter VIA will be allowed, however as far as the Above expenditures are concerned, the following may be noted.
In computing Taxable Business Income Under Sec 44AD, Expenditures under Sec 30 to 38 are deemed to be allowed, therefore you cannot claim the same from the 8% Amount arrived as Business Income under Sec 44AD.
Thank you,
Regards
CA. Lohith. J
B.Com,ACA,CS,(ICWA),SAPM Hons, ITF Hons
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- GST on export of services and Input Credit
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Inventory of finished goods
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- GST ON EXPORT COMMISSION
- Should I report my US salary for January, February, March in Schedule FA?
- RCM INVOICING FROM NOV-2024
- Sale of property furniture sale
- Confusion around Form 26QB fields
- Adjustment entry in the case of Individual and HUF on 31st March
- Stock difference tax applicable on composite rate or normal rate
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
Trending Online Classes
CAclubindia
