Presumptive income scheme u/s 44AD of Income Tax Act,1961- An analysis

1 comments Friday, June 17, 2011
Section 44AD of Income Tax Act, 1961 which provided for presumptive income scheme for civil contractors has been substituted w.e.f 01-04-2011 and the new substituted section provides presumptive income schemes applicable to all eligible assesses carrying on eligible business. Here below the provisions of new section 44AD have been examined.

To whom the provisions of section 44AD is applicable: The provisions of section 44AD are applicable to an eligible assessee carrying on eligible business. Section 44AD is not applicable to the professionals i.e Doctors, Lawyers, engineers or architects, accountants etc.

Eligible assessee means a resident individual, HUF or a partnership firm but not limited liability partnership and who has not claimed deduction under any of the sections 10A, 10AA, 10B, 10BA or deduction under any provisions of chapter VIA under the heading “C.—Deductions in respect of certain incomes(i.e deduction under any provisions of section 80HH to 80RRB) in the relevant assessment year.
 
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Lawyers can practice in all courts,tribunals through out India w.e.f 15-06-2011-Notification issued

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From Wednesday(June 15, 2011), lawyers will be able to practise in courts across the country irrespective of their enrollment in any bar council without the need to transfer licence to their desired states.

The Centre has notified Section 30 of the Advocates Act of 1961. Though 50 years have passed since the Act was enacted, the section was brought to force only on June 9.

According to a Law Ministry notification, Section 30 of the Act will come into force on June 15.
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