If builder himself engaged in construction activity for the A.Y.2010-11and having turnover less than limit specified u/s 44AB, can he furnish his return of income U/S 44AD. if relevant judgment is there for the said issue, please provide.
Builder can get benefit of presumptive income u/s 44-AD
Guest
Presumptive Income Under Section 44AD Applies to Builders with Turnover Below Section 44AB Threshold for 2010-11. A builder inquired about the applicability of presumptive income under section 44AD for the assessment year 2010-11, given that his turnover is below the threshold specified in section 44AB. The response clarified that if the builder is engaged in construction activities and the turnover from these activities forms part of the total turnover, the provisions of section 44AD are applicable. It was suggested to review relevant case laws under section 44AD for further guidance. (AI Summary)