05 May 2011
If a person is dealing in sale n purchase of database n sms having gross receipts upto Rs. 8,50,000. Can he claim income on presumptive basis u/s 44AD. If yes, which documents are required to be kept as proof if a case comes in scrutiny
06 May 2011
Yes, he can claim his income on presumptive basis under Section 44AD w.e.f. 01-04-2011.
The section has been amended by (Finance Act(no.2)2009 to include all business other than those mentioned in Section 44AE and having turnover/gross recipts less than 60 lacs.
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