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Who is eligible to take advantage of the presumptive taxation scheme of section 44AD?
Who is eligible to take advantage of the presumptive taxation scheme of section 44AD?
Varuna
Answered on January 03,2020
Answered on January 03,2020
The presumptive taxation scheme of section 44AD can be adopted by following persons :
1) Resident Individual
2) Resident Hindu Undivided Family
3) Resident Partnership Firm (not Limited Liability Partnership Firm)
In other words, the scheme cannot be adopted by a non-resident and by any person other than an individual, a HUF or a partnership firm (not Limited Liability Partnership Firm).
Further, this Scheme cannot be adopted by a person who has made any claim towards deductions under section 10A/10AA/10B/10BA or under sections 80HH to 80RRB in the relevant year.
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