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Sec 44ad

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Querist : Anonymous

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Querist : Anonymous (Querist)
12 August 2011 Is mutual fund Agent file return under sec 44AD
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
12 August 2011 Yes they can file return U/s 44AD.
But it is advisable to show a reasonable income looking to the investment made by agent , his bank balance etc. The income should support his tentative balance sheet.
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MAHENDRA KUMAR BAGRECHA

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MAHENDRA KUMAR BAGRECHA (Expert)
13 August 2011 Hi,

Yes, this has also been decided in case of Dharma Vijaya Agency Vs CIT( 38 ITR 392) Bombay High Court.
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