Section 44AD

Section 44AD has been inserted with effect from assessment year 2011-2012 into Income Tax Act . Any one fulfilling conditions that are laid down in section 44AD can calculate their business profit as 8% of the gross receipt or turnover. Who are eligible to take benefit of Section 44AD As specified in section 44AD of IT act, following persons will be eligible to calculate … [Read more...] about Section 44AD – Presumptive basis of calculating business profit