New Presumptive taxation u/s 44AD from AY 2011-12
This query is : Resolved
12 July 2011
Whether this provision will apply to Industrial units??
12 July 2011
Yes because such units will come under the definition of 'eligible business'. Pl see explanation (b)(i) to section 44AD of the IT Act,1961.
12 July 2011
In the section 44AD every "eligible business" is covered.
No where it has been mentioned in the section as well as in the act that industrial undertakings owned by individuals , HUFs or Firms are not Eligible Businesses.
Exceptions:1. Turnover above 60.00 lacs
and 2. business of plying , hiring, or leasing goods carriages
No where it has been mentioned in the section as well as in the act that industrial undertakings owned by individuals , HUFs or Firms are not Eligible Businesses.
Exceptions:1. Turnover above 60.00 lacs
and 2. business of plying , hiring, or leasing goods carriages
13 July 2011
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