44 ad

This query is : Resolved

Sukriti (Querist)
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02 September 2013 Assessee has two business

one of commission whose total commission income will be taken as net profit.

Other business is of trading

Whether we can presume income @8 % or higher from the trading business.

We may take the commission income from Other Sources also.

In this case whether 44 AD will be applicable or not?

Plz guide.

Ankit

Ankit (Expert)
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02 September 2013 Yes Sukruti,

Commission income is not included under 44AD. Hence, the income from the other business can be taken under 44AD. Also, Commission income cannot be treated as income from other sources, and should be taken as income from business and profession.