Rebate u/s 87A with 44AD

Page no : 5

RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 02 December 2017

Sir,
Then it ll be transferred to PandL* before profit...

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182831 Points)
Replied 02 December 2017

Here...... basic thing is Books of accounts are prepared as per actual data, and depreciation is charged. Even the assets are recorded as per WDV.

But while assessment under presumptive scheme, the profits are declared as per the applicable rate/s and there the books are not required to be produced.

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 02 December 2017

Yes Sir... Thank you for the reply...

Why I ask it.. bcoz,
A assessee filed his ITR in normal scheme in AY 16-17 sec 44AA...
In AY 17-18 filed sec 44AD...
On AY 18-19 he is going normal scheme as sec 44AA....
The between year how to deal the Fixed Assets...! 😇😇😇

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 02 December 2017

1. If I ll show the profit above 8percentage and file regular return as per sec 44AA and without audit...??
Ans : 1. Yes, provided Turnover below 1 Cr.

Sir., It's same can use partnership firm... Show the profit above 8percentage and file regular return with sec 44ad without Audit....?!

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182831 Points)
Replied 02 December 2017

Yes Dear.......... Specifically for Individual/HUF and partnership firms

Other assessees can even declare less than 8% profit without tax audit report.

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RAJA P M ("Do the Right Thing...!!!") (128096 Points)
Replied 02 December 2017

Sir...
Thank you for the reply...

If a partnership firm T/o 40lakhs and show the profit above 3.20 Lakhs.
Filing regular return also sec 44AA. Then can calculate depreciation....
Am I correct...?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (182831 Points)
Replied 02 December 2017

Yes........ & naturally the profits offered would be after all such deductions, with properly maintained books of accounts.

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g.gowri (Student CA IPC / IPCC) (24 Points)
Replied 11 August 2019

sir actually i try to file ITR 4 under 44AD my turnover is 1221181 my income is 421817 is it i eligible to claim rebate but the rebate column is not active help me