25 October 2023
A partnership firm, which has never opted for Section 44AD before, and had a tax audit for FY 2021-22, can opt for Section 44AD for FY 2022-23 if its turnover is below 2 Crore
15 January 2024
Section 44AD - It is designed to give relief to small taxpayers being resident individuals, resident HUF, and resident partnership firms (not LLP) engaged in any business who have not claimed deductions u/s 10A/10AA/10B/10BA or 80HH to 80RRB for the relevant year, but does not include the following businesses:
Business of plying, hiring, or leasing of goods carriages referred to in section 44AE; A person who is carrying on any agency business; A person who is earning income in the nature of commission or brokerage; A person who is engaged in any profession as prescribed u/s 44AA (1).
CAclubindia
