anantha murthy (Finance Manager) (30 Points)
10 October 2011Sir
Whether section 44AD is applies to professionals please calrify.
The new Section 44AD will be aplicable to any business ( whether it is Retail trade,or Civil construction or any other business)
Here New business or any other business means any profession, kindly clarify
Regards
murthy
Swapnil Jain
(Finance - FP&A)
(564 Points)
Replied 10 October 2011
No....section 44AD applies to construction Business..there is no question of profession being covered under it....
Regards,
Swapnil Jain
CA Goutam Sharma
(Chartered Accountant in Practice)
(468 Points)
Replied 10 October 2011
44ad has been edited from current PY and it covers any business subject to certain conditions.
Swapnil Jain
(Finance - FP&A)
(564 Points)
Replied 10 October 2011
| Originally posted by : goutam | ||
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44ad has been edited from current PY and it covers any business subject to certain conditions. |
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if it is so...i am sorry to share outdated information.... plz could you provide me the conditions?
Jayesh
(Internal Auditor)
(214 Points)
Replied 10 October 2011
Dear Anantha & Swapnil,
From Assessment year 2011-12, a new section 44Ad has been inserted inthe Income-tax Act to replaceexisting sec.44AD .
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.he is not engaged in the business of plying,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.
himanshu
(student)
(95 Points)
Replied 10 October 2011
presumtive ncome is not applicable in profession
Naman
(Accountant)
(339 Points)
Replied 11 October 2011
| Originally posted by : Jayesh | ||
|
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Dear Anantha & Swapnil, From Assessment year 2011-12, a new section 44Ad has been inserted inthe Income-tax Act to replaceexisting sec.44AD . 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.he is not engaged in the business of plying,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 exceed60.00 lakhs. |
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Good job Jayesh. Really, a nice reply.
CA NEERAJ SHARMA
(practice)
(408 Points)
Replied 12 October 2011
Yash Anandkumar Mandavia
(Practising Chartered Accountant)
(184 Points)
Replied 13 October 2011
Dear Anantha,
Section 44AD is all about presumptive income on Business. The definition of "Business" as per I.T. Act does not cover "Profession". So, section 44AD is not applicable to persons involved in profession..
CAclubindia
