1 / 5

Presumptive Income u/s 44AD of Income Tax Act, 1961 [w.e.f. AY 2011- 12]

Presumptive Income u/s 44AD of Income Tax Act, 1961 [w.e.f. AY 2011- 12]. Applicability Any business except the business of plying, hiring or leasing goods carriages specified u/s 44AE whose Total Turnover or Gross Receipts in the Previous Year does not exceed Rs. 60 Lakhs.

sasha
Download Presentation

Presumptive Income u/s 44AD of Income Tax Act, 1961 [w.e.f. AY 2011- 12]

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Presumptive Income u/s 44AD of Income Tax Act, 1961 [w.e.f. AY 2011- 12]

  2. Applicability • Any business except the business of plying, hiring or leasing goods carriages specified u/s 44AE • whose Total Turnover or Gross Receipts in the Previous Year does not exceed Rs. 60 Lakhs. Amount of Presumptive Income • 8% of the Total Turnover or Such higher sum as declared by the Assessee. * Presumptive Income u/s 44 AD or a higher sum declared by the Assessee, will be deemed to be the Profits and Gains of Business or Profession.

  3. Eligible Assessee • Resident Individual, • Resident HUF • Resident Partnership Firm [ but not being a Limited Liability Partnership Firm, and • Deduction u/s 10A, 10AA, 10B, 10BA or 80-IA / IAB / IB / IC / ID / IE / 80 JJAA / 80 LA / 80 QQB / 80 RRB is not claimed in the relevant assessment year. Advance Tax • Provisions relating to Advance Tax payment are not applicable to an Eligible Assessee, in so far as they relate to the Eligible Business. .

  4. General Issues

  5. Other Important Considerations • Material Supplied by the Contractee at a Fixed Cost to the Civil Construction Contractor shall not be included in the Gross Receipts or Turnover u/s 44AD - Brij Bhusan Lal Parduman Kumar 115 ITR 824 [SC] • Civil Construction includes • Construction or repair of any building, bridge, dam or other structure or any other structure or of any canal or road, • Execution of any works contract like works relating to electrical fitting, plumbing, land filling, landscaping work, etc. - Circular 684 dated 10.06.94 • Interior Decoration does not come under the business of Civil Construction - Sanjay Kataria 3 SOT 18 [Del.] • “Calculation of Rs. 60 lacs“ – Its not aggregate of all eligible business, but can be calculated for each eligible business separately.

More Related