08 October 2013
According to Explanation (b) to Section 44AD, Eligible Business means:
Any business except the business of plying, hiring or leasing goods carriages referred to in section 44AE;
Here the only thing that has to be borne in mind is the distinction between business and profession, because Section 44AD is applicable to Business and not Profession and Business is different from Profession.
Some activities have been held to be business:-
(i) Advertising agent
(ii) Clearing, forwarding and shipping agents – CIT v/s. Jeevanlal Lallubhai & Co. [1994] 206 ITR 548 (Bom).
(iii) Couriers
(iv) Insurance agent
(v) Nursing home
(vi) Stock and share broking and dealing in shares and securities – CIT v/s. Lallubhai Nagardas & Sons [1993] 204 ITR 93 (Bom).
CAclubindia
