Section 44AD of ITA, 1961 – Section 44Ad: Special Provision For C

The Income-tax Act, 1961

(1) Notwithstanding anything to the contrary contained in sections 28 to 43C, in the case of an eligible assessee engaged in an eligible business, a sum equal to eight per cent of the total turnover or gross receipts of the assessee in the previous year on account of such business or, as the case may be, a sum higher than the aforesaid sum claimed to have been earned by the eligible assessee, shall be deemed to be the profits and gains of such business chargeable to tax under the head "Profits and gains of business or profession". Provided that this

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Explanation using examples

Imagine a scenario where Mr. Sharma runs a small garment manufacturing business. His business is a partnership firm and he is a resident of India. For the financial year 2022-23, Mr. Sharma's busin

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Section 44AD of ITA, 1961 : Section 44Ad: Special Provision For Computing Profits And Gains Of Business On Presumptive Basis

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Simplified Explanation of Section 44AD of The Income-tax Act, 1961

Explanation using examples

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