A sole properitor file his return under sec 44AD can he is claim for deduction under chapter VI.
kindly suggest me.
13 Replies
Deepti
(Accounts)
(41 Points)
Replied 28 April 2018
Yes he can claim deduction u/s chapter VI as he file his return as individual showing business income
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 28 April 2018
Yes... He can claim that deductions...
Aamir Ansari
(Student)
(101 Points)
Replied 28 April 2018
person declaring income under presumptive taxation 44AD is eligible for deductions u/c VI.payment of advance tax is also not applicable.Return form ITR-4S
Bharat Kumar
(94 Points)
Replied 28 April 2018
Ansari if my tax liability is 》 10k and return filed under sec 44AD then advance tax liability will be arise or not??
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 29 April 2018
Required advance tax if your tax liability exceeding 10k.
Deepti
(Accounts)
(41 Points)
Replied 29 April 2018
If u file your return u/s 44AD and tax is above Rs 10k then advance tax liability is payable in last quarter i.e March
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 29 April 2018
If your total tax liability is more than Rs.10000/- then you have to pay advance tax upto 15 March.....
Aamir Ansari
(Student)
(101 Points)
Replied 29 April 2018
only one time payment of whole amount of advance tax i.e on or before 15th march of the P.Y
CA Naveen Chand
(Chartered Accountant)
(12729 Points)
Replied 30 April 2018
YES, ALLOWED !!
HOWEVER DEDUCTION FROM 30 TO 38 IS NOT ALLOWED AND DEEMED TO BE ALLOWED TO ASSESSEE
Fatin Nizami
(338 Points)
Replied 11 May 2018
Yes he can claim the deductions under Chapter Vi-A.
Also he has to pay advance tax since his tax liability is above 10k
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