Proposed amendment to 44ad with retrospective effect
Querist : Anonymous
i have filed 3 returns of my assessees u/s 44 AD IE itr 4S who receive commission / brokerage from General Insurance agency before proposed amendment as 44AD applicable to above assessees.
i have gone through ICAI's guidance note and issues on tax audit and it says income of general insurance agents and commission agents as income from business.
hence we filed above returns u/s 44AD OFCOUSE by showing 60to 70% income instead of 8% only.
now it is proposed to amend 44AD to make this not applicable to commission/ brokerage with retrospective effect.
we believed it is applicable to above assessees before proposed amendment.
Now what is the fate of above assessee,s?
IS it fair to make amendment retrospectively?
What are the consequences ofthose who have filed u/s 44AD?
ARE THEY liable to penalty for non maintainance of books of a/c?
can we go for appeal against penalty for non maintanance of books and chances of winning ?
Kindly advise with case laws if any.
Querist : Anonymous
any case laws.and suggest me how to explain situation to client that he should not think that it is our fault.thank you
Querist : Anonymous
thank you for your suggestion sir.
Click here to login now
Similar Resolved Queries
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- HSN Details in IFF/GSTR-1 & in GSTR 9
- Inventory of finished goods
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Filing of Form 10BB instead of Filing Form 10B
- Applicability of Ind As to associate of associate
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Ineligible ITC claimed
- TDS Deduction Online Learing Platform
- Point (III) 9 of GSTR-9C
- As per our records, find the below outstanding demand(s)* and interest payable u/s 220(2):
- Regarding transaction th. credit card
- MIS MATCH OF INVOICE NUMBER
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
- Query for dubts
Trending Online Classes
CAclubindia
