Section 44 ad
This query is : Resolved
30 March 2012
I want to know the definition of eligible business under section 44 AD, if a new profession of accounting, event management & consulting running under Partnership firm for F.Y.2011-12. & Gross Receipts of Rs.2.50 Lac. They can take the benefit of Section 44 AD or not.
If yes, then partner salary can be further deducted from 8% profit of the total gross receipts
If yes, then partner salary can be further deducted from 8% profit of the total gross receipts
31 March 2012
Professionals are NOT covered u/s 44AD. Only BUSINESS is covered.
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