watch_later 02/11/17

One of the client who was filing return of income under section 44AD.

He held fixed assets worth 10 lakhs purchased 4 years back.

Under 44AD, one do not have to charge depreciation and can show profit at 8% of the turnover.

However this year he has sold his fixed assets.

How the sale of fixed assets should be treated if assessee is filing return of income under section 44AD?

No replies yet. Join the discussion. Reply

Sign up to discuss taxation, accounting and finance topics with experts from all over India.

Join Discussion