TaxTMI 
TaxTMI 
Dear sir
income tax u/s 44AF and 44AD deduction 80 C 1,00,000/- claim A.Y. 2011-12 and A.Y 2012-13
income tax
05 Apr 2011 
1 Reply 
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Presumptive taxation: shift of 44AF into 44AD broadens business coverage and raises minimum deemed profit requirement.
Presumptive taxation treatment shifted from the earlier regime to the consolidated presumptive provision: in the earlier year the rules applied only to civil construction businesses and supply of labour for civil construction under the then-operative provision, while in the later year the inoperative provision's content was subsumed into the broader presumptive regime covering any business, including supply of labour and sale of goods, requiring reporting of income based on the prescribed minimum deemed profit. The advisory noted a separate query on claiming an income tax deduction under 80C. (AI Summary)
Presumptive taxation treatment shifted from the earlier regime to the consolidated presumptive provision: in the earlier year the rules applied only to civil construction businesses and supply of labour for civil construction under the then-operative provision, while in the later year the inoperative provision's content was subsumed into the broader presumptive regime covering any business, including supply of labour and sale of goods, requiring reporting of income based on the prescribed minimum deemed profit. The advisory noted a separate query on claiming an income tax deduction under 80C. (AI Summary)