Eligible assessee under section 44ad of it a.y.2011-12

Valerian Dsouza (Manager Audit & Taxation)   (413 Points)

29 February 2012  

An Individual Assessee who is carrying on business of passenger Transport contract  with companies,

having turnover less than 60 lakhs in F.Y. 2010-11 would like to opt for section 44AD in assessment year 2011-12

Whether he/she will be a eligible assessee in the case of followings :

1. claims housing interest deduction u/s. 24b of IT

2. claims LIP & housing loan repayment u/s. 80C. mediclaim u/s. 80D

3. Files IT return after the due date (31/7/2011)

4. Whether profit on sale of depreciated asset (bus) can be included in the 8% turnover

5. show more than 8% Net profit of the turn over ?

Kindly help.

Regards,

Valerian D'Souza

Manager, Accounts