Can a Limited Liability Partnership-LLP file the income tax returns as per section 44AD?
Can a LLP file its Income Tax returns using form ITR 4S by availing the benefits of section 44(ad)?
No. Sec 44AD is not applicable to LLPs, hence cannot use ITR 4S. U should use ITR 5 or ITR 3
Section 44(ad) provides special provisions for computing business profit on presumptive basis from the assessment year 2011-12.
Conditions - The provisions of section 44AD are applicable only if the following conditions are satisfied-
- Eligible Assessee - The assessee should be and eligible assessee. Eligible assessee for this purpose is person resident in India who is individual, a Hindu Undivided family or a partnership fir, (not being a limited liability partnership-LLP)
The first condition itself disragard the LLP from benefits. LLP can not file returns by taking benefits of section 44(AD).