27 April 2011
I need to ask the query for the new section as amended in Finance Act, 2010.
Whether now the whole sellers, manufactures and contractors shall be covered under this section.
According to my opinion this section is an inclusive section and shall now cover along with the retailers, whole sellers, manufactures and contractors, because section 44 AF was an exclusive section and specifically covered the retail business.
27 April 2011
For the purpose of section 44AD “eligible business” means,— (i) any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE; and (ii) whose total turnover or gross receipts in the previous year does not exceed an amount of sixty lakh rupees.
As per above all types of business except as mentioned in section 44AE are covered.
But in my opinion Income from any Profession is not covered by this section.
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