U/s 44ad applicability

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DIBYENDU (Querist)
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01 May 2012 My company receive around Rs.80 lac from various party on the financial year 2012-2013, whereas billed amount was around 54 lac, rest of receive amount is treated as an advance receive from party for work execution,Is my company file IT return SUGAM 4S under 44AD rule?

Amol Gopal Kabra (CA,CS,DISA)

Amol Gopal Kabra (CA,CS,DISA) (Expert)
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01 May 2012 You can opt for Section 44AD provided that the assessee is Individual / HUF / Partnership Firm. In other cases, 44AD is not applicable.

DIBYENDU

DIBYENDU (Querist)
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01 May 2012 I KNOW THAT . BUT IS IT APPLICABLE WHEN MY GROSS RECEIPT EXCEEDS RS.60 LACS BUT TURNOVER IS BELLOW RS. 60 LACS IN F.Y. 2011-2012

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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24 May 2012 Section 44AD is applicable if the turnover does not exceed Rs. 60 lakhs.

Since your turnover does not exceed Rs. 60 lakhs, you are eligible for benefit u/s 44AD.