Section 44ad clarity
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 June 2015
1.) I own one IT Consultancy and service , development company and work as director but i dont draw much salary i should say 0 salary
2.) I do have some contracts with my clients which pay as me directly in my account withoit any relation with my company
Can I be considered apply for Section 44AD ? as my understanding NO - as I am II engineer and technology company
please confirm
2.) I do have some contracts with my clients which pay as me directly in my account withoit any relation with my company
Can I be considered apply for Section 44AD ? as my understanding NO - as I am II engineer and technology company
please confirm
06 June 2015
Sec 44 AD is not applicable for the professional services.
if u have further doubts pl contact ca.prchandra@gmail.com
if u have further doubts pl contact ca.prchandra@gmail.com
06 June 2015
you are covered under section 44AA. Hence section 44AD is not applicable to you. You need to File ITR-4 and comply with 44AA provisions with regards to maintenance of books of accounts.
check for application of 44AB limit (rs 25 lakhs) for audits in case of professionals
check for application of 44AB limit (rs 25 lakhs) for audits in case of professionals
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