16 August 2013
Yes, section 44AD doesn't apply to agency business. Section 44AD directly saying this section not applicable to Agency business, commission/brokerages and professionals.
In such case you have to file ITR-4 as per the actual profit & Loss of the agency business and required to maintain books according to the section 44AA provisions.
16 August 2013
Section 44AD is NOT applicable to a person carrying on agency business.
Agency business means where the person is acting as an agent on behalf of someone else. He DOES not OWN the goods sold on behalf of the principal. He is only an agent who brings the buyer & the seller together.
He DOES NOT purchase the goods from the principal.
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