26 July 2022
Can I person who is into business of Developing and Selling of Plots claim section 44AD of Income Tax while filling ITR? If Yes, then what business code to be choose in case of nature of business?
29 July 2022
Sec 44AD presumptive taxation mechanism can be available to any ‘eligible assessee’ engaged in 'eligible business'
Eligible Assessee = an individual, HUF or a partnership firm (Not an LLP) that is a resident
Eligible Business = Any business except that of plying, hiring or leasing of goods carriage, turnover whereof does not exceed INR 2 crores in the previous year
So, 44AD available to you if you carrying the business as an individual or HUF or to a partnership firm if you are carrying on business through a partnership firm constituted under Indian Partnership Act subject to gross receipts being less than INR 2 crore.
For codes check https://www.winmansoftware.com/files/Business_Profession_Nature.pdf
Author: Advocate Ravish Bhatt Gmail: ravishdbhatt@gmail.com Link to Linkedln Profile: https://bit.ly/3IDGfsU
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