Section 44ad for ay 2016-17 fafsa pdf

The presumptive taxation scheme of section 44ad can be adopted by following persons. If you filed a 201617 fafsa, then you will be asked if you want certain information. Apparently the section 44ad is very straightforward, but has lots of implications on. If turnover of assessee in ay 2016 17 is above 1 cr. Detailed guide to file itr form 4 sugam applicable for. This section applies in a case wherein section 44ad 4 applies. Advance tax liability for all assessee other than covered under section 44ad of. For help in filling out the fafsa form, go to studentaid. The finance act 2016 applicable for the ay 201718 has enhanced the turnover limit from rs. As per the current scheme of presumptive taxation, the profits of a business are assumed as follows. If you are a dependent student, then your parents will need to provide some. Section 44ad of income tax act, 1961 after budget 2016 taxguru.

Following is chart showing advance tax liability for the a. The presumptive taxation scheme of section 44ad is designed to give relief to small taxpayers engaged in any business except the business of plying, hiring or leasing of goods carriages referred to in section 44ae. As per newly inserted sub section 5 of section 44ad, for the assessment year 201718, even if a person whose turnover is below. Our total receipts are around 30 lakhs for the current fy 2016 17.

What is the meaning of sub section 4 of section 44ad for the purpose of section 44abe. Tax audit under section 44ad with effect from the ay 2017. For ay 201920 and 202021 and he offers income on basis of presumptive taxation scheme. A if in ay 2016 17 he opt audit under section 44ad b if in ay 2016 17 he opt 8% scheme of section 44ad 4. Section 44ad presumptive taxation ay 201819 taxguru. Because now the criteria for tax audit under section 44ad is given under sub section 5 i,e an assesee should have availed 44ad in the ay 201718 and subsequent.

Suppose an eligible assessee declared income us 44ad for a. We are a 2 year old partnership firm providing online test for various competitive exams. Section 44ad of income tax act, 1961 after budget 2016. So now i cannot opt for 44 ad from ay 1516 to ay 1920.

Consult with the financial aid office at the colleges you applied to or plan to attend. This incentive is applicable from financial year 201617 onwards. You can download and complete a pdf fafsa go to fafsa. That is in fy 201516, if you have opted 44ad and not opted in fy 2016 17,then 44ad 4 applies,meaning thereby tax audit is applicable per section 44ad e.