44ad
This query is : Resolved
26 March 2012
Whether 44AD is applicable if income is below exemption limit i.e. below 1,80,000/- and for counting exemption limit do we have to consider section 80C and 80D deductions Please reply asap.
26 March 2012
44AD is applicable whether income is below exemption limit or not. this is irrelavant for this. as per 44AD if person is doing business (except business of 44AE) then he can show income as 8% of gross receipt. it can be less then basic exemption limit.
he can take 80C and 80D deduction there is no restriction on this.
he can take 80C and 80D deduction there is no restriction on this.
26 March 2012
Dear Sir,
In act it is written in 44AD (5) that notwithstanding anything contained in the foregoing provisions , an eligible assessee who claims that his profits from B&P is lower than 8% and his income exceeds maximum amt not chargeable to income tax than only he has to get his books of accounts audited and maintain books of accounts
In act it is written in 44AD (5) that notwithstanding anything contained in the foregoing provisions , an eligible assessee who claims that his profits from B&P is lower than 8% and his income exceeds maximum amt not chargeable to income tax than only he has to get his books of accounts audited and maintain books of accounts
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?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- ITC temporary reversal and reclaim
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- GST on export of services and Input Credit
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- GST ON EXPORT COMMISSION
- Import license renewal
- 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 ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
