Section 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

10 February 2014 In a firm of consultants, providing financial, taxation & corporate services with professional, wife of a professional with vast experience is partner. Firm is liable to pay service tax. Whether income of such firm is assessable as income from Profession for the purpose of Section 44AD of the Income Tax Act, 1961?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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10 February 2014 Advocates' firm provides legal services, which is a profession. Section 44AD can not be resorted. Books of accounts are required to be maintained.
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