44AD real estate business
This query is : Resolved
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?
Thank You
Thank You
26 July 2022
Yes...
Code... '07003'
Code... '07003'
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
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
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
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
