04 May 2013
MADAM, PLEASEEEEEEEEE TRY TO UNDERSTAND MADAM, PLEASEEEEEEEEEEEEEEE, THAT , RECEIPT OF MACHINERY RENT IS NOT UNDER THE PURVIEW OF SEC 44AD.
GOD'S SAKE MADAM, PLEASE TRY TO UNDERSTAND MADAM THAT, Section 44AD is a part of the Presumptive Scheme of Taxation .
MADAM, Section 44AD applicable to assessees engaged in the business of Civil Construction or supply of labour for Civil Construction. Thanking You, PALASH RAKSHIT.
Querist :
Anonymous
Querist :
Anonymous
(Querist)
06 May 2013
dear sir please note that From Assessment year 2011-12, a new section 44Ad has been inserted inthe Income-tax Act to replaceexisting sec.44AD 744AF. The new Section will be aplicable to any business ( whether it is Retail trade,or Civil construction or any other business). The provisions of the new Section will be applicable if the following conditions are satisfied:
1.Assessee eligible for the purpose of this Section has to be an Individual/a HUF/a Partnership Firm( not being a LLP); 2.The assessee has not claimed any deduction u/s.10A,10AA,10B,10BA,80HHto 80RRB in the relevant Assessment Year; 3.The is not engaged in the business ofplying,hiring,or leasing goods carriages referred to u/s. 44AE; and 4. Total Turnover/ Gross Receipt of the Assessee in the previous year should not exceed Rs. 60.00 lakhs.
06 May 2013
My question is my PRINCIPAL AND ONLY ONE ACTIVITY OF BUSINESS during the year is receipt of machinery rent and hence it becomes my business income .I was in audit last year as the receipt was more than 60 lakhs.But this year i m not liable for audit and in such a case can i opt 44AD
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