GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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If the assessee opts for section 44AD or 44AF or 44AE,then the assessee shall:
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Be entitled to deduction under sections 30 to 37
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Not be entitled to any deduction under sections 30 to 37
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Not be entitled to deduction under sections 30 to 37except for interest on capital or loan frompartner and remuneration to a working partner subject to conditions laid down under section 40(b)
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None of these
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Explanation:
Detailed explanation-1: -However, if you are taking advantage of Section 44AD, you cannot avail any tax deductions or exemptions under Sections 30 to 38 – for depreciation or unabsorbed depreciation, for example. Similarly, you cannot claim any disallowance under sections 40, 40A and 43B.
Detailed explanation-2: -The presumptive taxation scheme of section 44AD applies only to resident assessee who is an individual, Hindu Undivided Family and partnership firm but not limited liability partnership firm. Thus, the scheme of section 44AD cannot be adopted by a non-resident.
There is 1 question to complete.