Error code 86

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

31 March 2018 As per Section 44AD(6) of the Income Tax Act, 1961, the
provisions of Sec.44AD are not applicable to – (1) persons
carrying on professions that are referred to in
Sec.44AA(1), (2) persons earning income in the nature of
commission or brokerage, and (3) persons carrying on any
agency business.As seen from the return of income filed,
the nature of business code mentioned is 00301 General
Commission Agents, which falls in the categories
mentioned above. Hence, the provisions of Sec.44AD are
not applicable, in your case

RAJA P M

RAJA P M (Expert)
Follow

31 March 2018 Yes...
Sec 44AD not applicable for "Commission Agents [General Commission Agents]"....
Filing required only normal provisions and use ITR 3 (AY 2017-18)