Section 44 ad urgent
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 March 2013
can an individual/ partnership firm engaged in providing coaching classes claim presumptive profits under 44AD?
21 March 2013
Section 44Ad is not applicable to profession.
Querist : Anonymous
Querist :
Anonymous
(Querist)
21 March 2013
Dear Aayush
This is what my opinion about applicability of 44AD.
44AD is applicable to eligible assessees doing eligible business.
The definition of eligible business excludes the following:
Professions covered under 44AA.
Commission/ broking
agencies
Thus, 44AD is not applicable to only those professions which are covered under 44AA. There is no blanket exclusion of professions as such.
Further, please note that the term is not defined anywhere in the act. Accordingly, any exclusion/ inclusion has to be determined only on the basis of specific wording of the relevant section. In this case, 44AD excludes only 44AA and nothing else.
Thus, unless and until a profession is covered under the exclusion list, it should be allowed under 44AD.
This is what my opinion about applicability of 44AD.
44AD is applicable to eligible assessees doing eligible business.
The definition of eligible business excludes the following:
Professions covered under 44AA.
Commission/ broking
agencies
Thus, 44AD is not applicable to only those professions which are covered under 44AA. There is no blanket exclusion of professions as such.
Further, please note that the term is not defined anywhere in the act. Accordingly, any exclusion/ inclusion has to be determined only on the basis of specific wording of the relevant section. In this case, 44AD excludes only 44AA and nothing else.
Thus, unless and until a profession is covered under the exclusion list, it should be allowed under 44AD.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Should I include march foreign salary received in April in my income for FY 2023-24?
- Tax on capital gains revoked us 54f
- Inventory of finished goods
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Applicability of Ind As to associate of associate
- Refund of AY 22-23
- Disallowance of Section 43B(h) to sez units
- Confusion around Form 26QB fields
- Last year input claim shown in gstr9
- GST Registration Cancellation books of accounts asked by officer
- 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
- HSN Details in IFF/GSTR-1 & in GSTR 9
- 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 ?
Trending Online Classes
CAclubindia
