Applicability of section 44AD of Income tsc

[ashok singhee]

Can an individual (not NBFC) having a business of financing vehicles with gross interest revenue of less than 2 CR opt for section 44AD ? This fbusines do not fall in negative list of section 44AD and turn over is gross interest receipt.

AI Summary

Presumptive taxation under section 44AD: eligibility for vehicle-financing business where gross interest receipts constitute turnover. Whether a taxpayer carrying on financing of vehicles can adopt the presumptive taxation scheme under section 44AD is raised where the enterprise is not an NBFC, the activity is not captured by the statutory negative list and the business's gross receipts consist of interest income; the issue is whether such interest receipts qualify as 'turnover' and whether the activity is eligible under the scheme.