{"id":41336,"date":"2024-04-04T17:56:24","date_gmt":"2024-04-04T12:26:24","guid":{"rendered":"https:\/\/itatonline.org\/digest\/?post_type=qa&#038;p=41336"},"modified":"2024-04-07T19:20:07","modified_gmt":"2024-04-07T13:50:07","slug":"interest-on-advances-and-applicability-of-sec-44ad","status":"publish","type":"qa","link":"https:\/\/itatonline.org\/digest\/qa\/interest-on-advances-and-applicability-of-sec-44ad\/","title":{"rendered":"Interest on advances and applicability of Sec 44AD."},"content":{"rendered":"<p>Assesse has been carrying on the business of lending money on interest, he has offered the income of interest u\/s Section 44AD at 88% against the statutory requirement of 6%.<\/p>\n<p>12% of the income have been incurred on expenses such as Bank charges, Depreciation, insurance of Car and its running expenses, salary of accountant\/manager and Telephone Expenses.<\/p>\n<p>The case have been reopened for the A.Y. 2020-21 u\/s 148 of the I.T Act, 1961 on the ground that income should have been offered under the head of Income from Other sources.<\/p>\n<p>Query:<br \/>\nWhether the action of the A.O is justified?<br \/>\nAny Case Laws on the issue.<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[139],"qa_category":[23],"qa_tag":[590,144,136],"class_list":["post-41336","qa","type-qa","status-publish","hentry","qa_expert-research-team","qa_category-income-tax","qa_tag-change-of-opinion","qa_tag-interest","qa_tag-reassessment"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/41336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=41336"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=41336"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=41336"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=41336"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=41336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}