Section 44 AD [Confused]
This query is : Open
27 February 2023
I have an entertainment website that generates revenue from display ads.
Few points:
1. The business is not registered yet.
2. Income comes in dollars from a US-based company.
3. Revenue is less than 1 crore.
4. Need help regarding 44 AD and If GST registration is needed.
My doubt:
1. Can I file 44AD without registering the business which means directly from the PAN account where income gets deposited?
2. If GST registration required?
3. Some CAs are arguing that if your profit is more than 6% then you have to show the actual profit. My profit is more than 60% but I want to show the 6% only. Is that ok?
Here I have found a case where the assessee challenged the AO officer and won the case just showing minimum profit even though the profit was much higher.
https://indiankanoon.org/doc/151903937/
https://www.caclubindia.com/forum/profit-under-section-44ad-ada-473205.asp
Here tax2win CEO says that only a minimum of 6% is required even if profit is higher.
https://tax2win.in/guide/section-44ad-44ada-44ae
Few points:
1. The business is not registered yet.
2. Income comes in dollars from a US-based company.
3. Revenue is less than 1 crore.
4. Need help regarding 44 AD and If GST registration is needed.
My doubt:
1. Can I file 44AD without registering the business which means directly from the PAN account where income gets deposited?
2. If GST registration required?
3. Some CAs are arguing that if your profit is more than 6% then you have to show the actual profit. My profit is more than 60% but I want to show the 6% only. Is that ok?
Here I have found a case where the assessee challenged the AO officer and won the case just showing minimum profit even though the profit was much higher.
https://indiankanoon.org/doc/151903937/
https://www.caclubindia.com/forum/profit-under-section-44ad-ada-473205.asp
Here tax2win CEO says that only a minimum of 6% is required even if profit is higher.
https://tax2win.in/guide/section-44ad-44ada-44ae
27 February 2023
1 and 2 GST registration required as you provide service in excess of 20 lacs . File LUT no GST payable. You can opt for 44AD.
3 yes it's ok.
3 yes it's ok.
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27 February 2023
Hi Sir,
Thanks for your response. Just GST registration is needed,right?No other registration required?
Thanks for your response. Just GST registration is needed,right?No other registration required?
27 February 2023
Yes, GST registration required.
No other registration required if you don't employ more than 10 persons.
No other registration required if you don't employ more than 10 persons.
Message likes :
1 times
01 March 2023
Hi Sir,
Do I need to deduct TDS of employees in the 44AD case?
Do I need to deduct TDS of employees in the 44AD case?
01 March 2023
Yes, employees TDS required in 44AD case.
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02 March 2023
Hi Sir,
Thanks for your response.
If there are 2 partners in this case and revenue came into only one partner's PAN account then splitting income between partners will not be an issue from another person's income tax point of view? Should He file ITR or not ?
Thanks for your response.
If there are 2 partners in this case and revenue came into only one partner's PAN account then splitting income between partners will not be an issue from another person's income tax point of view? Should He file ITR or not ?
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