Urgent question regarding section 44ad for my case

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xien (Querist)
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11 September 2012 This question is for Financial year 2011-12 for which i have to file returns before 30 Sep 2012. Replies would be highly appreciated.

I am propreitor doing software service business. This year I have revenue of 55lakh. But in each of previous 2-3 years I have revenue of more than 80 lakhs and accounts were audited.

But in mid of this year I splited by business and started Pvt Ltd. Hence my revenue dropped to 55lakh for 7 months. But i gained salary from Pvt Ltd (around 12 lakhs) for remaining 5 months.

Moreover I done futures/options/commodity trading. (volume is huge, but profit under 10 thousand)

Also I have bank interest of more than 7 lakhs.

My question is am I eligible for 44AD?

Will be highly appreciated if someone can confirm early.

Thanks and regards,
ajay.

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
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12 September 2012 Yes

Anuj
femaquery@gmail.com

xien

xien (Querist)
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12 September 2012 Anju,
Thanks. But could you re-confirm.
Will the salary from my private limited will not affect my propreitorship revenue?

Also for 7 months i did business as propreitorship. then next 5 months i worked as director in pvt ltd. I hope i can still file my return as bussiness and not salaried individual? because i think 44ad is not valid for professional or salaried people.

Also earlier i didnt know i will start pvt limited. so i have more than 5 lakh income tax refund. I can claim that rite?

regards,
ajay

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xien

xien (Querist)
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13 September 2012 If someone can clarify?
sorry again putting this query to open