13 January 2011
as new section 44 AD 8% deemed income up to 60 lacs turnover OR gross receipt
now question is that is this section apply to rent a cab operator(car taxi hiring busiins) advertising business ( purchasing and selling advertising business), hotel rent income or commssion business OR L I C or other insurance agent commission , manpower supply servie, security service or other service sector other then ( advocate / chartered accountant, engineers/ doctors ect) are elligible for 44 AD ?
13 January 2011
Section 44AD shall apply to an individual, Hindu undivided family or a partnership firm (excluding limited liability partnership firm ) who is resident in India and engaged in eligible business and has not claimed any deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction chapter VIA under heading ‘C’ in the relevant assessment year.
For the purpose of this Section Eligible Business means:
Any business (save and except the business of plying, hiring or leasing goods carriages referred u/s 44AE) whose total turnover or gross receipt in the previous year does not exceed an amount of rupees forty lakhs
The business pointed out by you comes under "any business" and hence comes under the ambit of the referred section.
CAclubindia
