business on money given as loan treated under 44AD

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  1. Farhaad Jiwani

    Farhaad Jiwani New Member

    Sir/Madam,

    An assessee has business of Money given as loan and income would be "Interest Earned" on that loan. All transactions are accounted and through Bank. my question is that, whether such transaction can be claimed under Sec. 44AD income tax act as "presumptive income" @ 8%? As wording of Sec. 44AD says - "any business whose gross receipt from such business does not exceed Rs. 1 cr., as sum of 8% off gross receipt paid/payable or such higher income declared shall be deemed to be income"

    Thanks & Regards
    FARHAAD JIWANI.
     
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