Further Commodity profit is considered as Business profit. Whether same can be considered under 44AD and consider the presumptive income for taxation purpose.
Also, plz give your view on whether we can take the income tax slab benefit for the Individual or HUF.
02 June 2011
Commodites profit is just profit only and hence provisions of section 44AD should not apply though the Act does not state anything on this but it will not apply.
Further tax payable on income u/s 44AD will be taxable at slab rates only.
CAclubindia
