Confustion section 44ad ?
This query is : Resolved
01 June 2012
I have follwing questions:
1. one of my client is retailer or wholeseller and his turnover is say 50 lacs for fy 11-12, can i use ITR-4S to file his return and showing profit more than 8%.
can department argue that assessee has not maintained books of accounts.
2. Income from Beauty parlour/tution/coaching classes/ dairy/estate agents/contractors/Insurance agents etc. fall in the definition of business and avail benefit of sectin 44AD ?
3. can partnership firm/pvt ltd company/cooperative society and other person other than individual and huf avail benefit of section 44AD ?
1. one of my client is retailer or wholeseller and his turnover is say 50 lacs for fy 11-12, can i use ITR-4S to file his return and showing profit more than 8%.
can department argue that assessee has not maintained books of accounts.
2. Income from Beauty parlour/tution/coaching classes/ dairy/estate agents/contractors/Insurance agents etc. fall in the definition of business and avail benefit of sectin 44AD ?
3. can partnership firm/pvt ltd company/cooperative society and other person other than individual and huf avail benefit of section 44AD ?
02 June 2012
1. Yes , he can file his return in ITR 4S by showing his income U/s 44AF.
Department may argue about the turnover, so records must be maintained so as to prove the turnover, in case asked.
Department may argue about the turnover, so records must be maintained so as to prove the turnover, in case asked.
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02 June 2012
2. By the virtue of sub section 6 clause (ii) of Section 44AD- persons earning income in the nature of commission or brokerage are not eligible to show their income on presumptive basis.
Estate Agents and Insurance Agents, thus can not opt for Section 44AD.
.
Estate Agents and Insurance Agents, thus can not opt for Section 44AD.
.
02 June 2012
3. Eligible assessees for Section 44AD-
Individual, HUF and Firms only.
Individual, HUF and Firms only.
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02 June 2012
ca paras bafna answered the query.
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