income tax
Dhana Sai (234 Points)
16 August 2017thanks for replying
Dhana Sai (234 Points)
16 August 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171242 Points)
Replied 16 August 2017
It is a debatable issue in view of contradictory reference of sections in 44ADA (1) and 44ADA (2).
The standalone interpretation of section 44ADA (2) reveals that- the deductions of salary to working partner and interest to any partner would be allowed from the profit or gain calculated at 50% or more of the gross receipts.
However, the sequential and logical reading of section 44ADA (1) reveals non applicability of any of the provisions of section 28 to 43C (which includes sections 40(b) (iv) and 40(b) (v)).
This clearly means that, taxable profit or gain of profession will be equal to 50% or more of total gross receipts for the assessee not willing to go for tax audit.
RAJA P M
("Do the Right Thing...!!!")
(128029 Points)
Replied 16 August 2017
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(171242 Points)
Replied 17 August 2017
As far as Section 44ADA ............ is applicable from AY 2017-18.............. not available for earlier years.....
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