A. Meaning of terms used in section 44AD(1)
To understand the provisions of sec 44AD(1) of the Act, we must study the meaning of following terms:
1. Eligible assessee:
1) Resident Individual
2) Resident Hindu Undivided Family
3) Resident Partnership Firm (not a Limited LiabilityPartnership Firm as defined under LLP Act, 2008)
Note: While explaining the meaning of eligible assessee, a rider also provided in Explanation (a) to Sec. 44AD for eligibility i.e.
NON – ELIGIBLE ASSESSEES UNDER SEC. 44AD
Explanation (a) to sec. 44AD provides the following arenot covered under these provisions:
Read more on: https://taxguru.in/income-tax/section-44ad-computing-profits-gains-business-presumptive-basis.html
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