Sec 44AD - Income Tax [2]

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Sec 44AD

Page no : 2

Sankalp Jain (39 Points)
Replied 21 November 2017

No need to maintain books if you clamided income under 44AD there is no question of 40b in such once you declared your income under 44AD than whether you profit is more or less Income Tax doesn't care, and no deduction shall allow actual I think you are confusing b/w 44AD and 44AE, In 44AE deduction of 40(b) is allowed only.

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Yash Chawda (300 Points)
Replied 21 November 2017

if i maintain book of accounts than in that case your answer will be

Yash Chawda (300 Points)
Replied 21 November 2017

that means i am not following presumptive section 44ad

Yash Chawda (300 Points)
Replied 21 November 2017

44ad talk about deemed income and not actual

Sankalp Jain (39 Points)
Replied 21 November 2017

As per sec 44AA, a person is maintaing books of account or not it doesn't matter if he is opting 44AD.

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Yash Chawda (300 Points)
Replied 21 November 2017

what to do if i dont want to opt 44ad

Yash Chawda (300 Points)
Replied 21 November 2017

as per 44ad any other section of income tax was not applicable i.e. sec 30 to 37 of income tax ohk

Yash Chawda (300 Points)
Replied 21 November 2017

if i made my profit and loss a/c by using sec 30 to 37 of income tax than its count as not opting for 44ad (right ???)

rama krishnan (12239 Points)
Replied 21 November 2017

attn: mr. Yash... if you declare your total income under section 44AD, then you can't claim 40(b). but if you declare your total income as per the books, p&l accounts, then you can claim 40(b) for firms

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