catchwords: computation of income
Whether U/s. 44AD The Limit Is Qua Assessee Or Qua Business?
Qua both. The scheme is applicable to “an eligible assessee engaged in eligible business” The salient features of the new presumptive taxation scheme are as under: a) The scheme is applicable to individuals, HUFs and partnership firms excluding limited liability partnership firms. It is also not be applicable to an assessee who is availing deduction under sections 10A,
Under Which Form ROI Be Filed In Case Of Presumptive Taxation?
Yes, he can file ITR 4-S, as section 44AD is applicable to him. Tax audit requirement would not apply in respect of business covered
How To Calculate Turnover For S. 44AD?
Section 44AD, would be applicable for the assessment year 2011-12 if total turnover or gross receipt of ‘X’ does not exceed Rs. 60/- lakhs. For sake of consistency, ‘X’ should follow the same accounting policy from year to year.