23 August 2016
Respectable experts Please suggest that a personal having income from cold storage facility. Gross Receipt for the FY 15-16 is Rs. 600000/-P.A. He wants to disclose income u/s 44ad by declaring Profit more than 8% (approx 25%). Can he do so.
23 August 2016
He is not required to file his return of income as even 25% of the 6 lacs is less than the basic exemption hence not covered u/s44AD. Kindly note this advise is given assuming your assessee does not have any other income...
CAclubindia
