Income from jcb hiring

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

24 April 2016 how to compute income from JCB hiring business? is it excluded under section 44AD? or same can be shown under section 44AD as a presumptive taxation?

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
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25 April 2016 It can be shown under section 44AD by taking 8% as profits out of gross receipts.

Rupesh Jain

Rupesh Jain (Expert)
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25 April 2016 you can take income u/s 44AD

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CA SUNIL K GARG

CA SUNIL K GARG (Expert)
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25 April 2016 Section 44AD is not applicable to the following business:-
a person carrying on profession as referred to in section 44AA(1) or
a person earning income in the nature of commission or brokerage or
a person carrying on any agency business.
However JCB hiring business is covered u/s 44AD, hence presumptive taxation @8% can be taken.