U/s 44ad-presumptive income
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2012
Dear All,
I have one client Share broker erned income Rs. 20,30,000/- for FY 2010-11, whether i can file his return under section 44AD presumptive income @ 8% FOR THE fy 2010-11.
vERY URGENT......
THANKS ADVANCE....
I have one client Share broker erned income Rs. 20,30,000/- for FY 2010-11, whether i can file his return under section 44AD presumptive income @ 8% FOR THE fy 2010-11.
vERY URGENT......
THANKS ADVANCE....
26 March 2012
Yes you can file but please not section is applicable to an individual or partnership firm only.
Querist : Anonymous
Querist :
Anonymous
(Querist)
26 March 2012
THANKS CA.ARYENDRAJI... ONE MORE QUESTION'
HE IS INDIVIDUAL, TODAY I READ IN TAXGURU REGARDING NOT APPLICABLE INCOME IN THE NATURE OF COMMISSION AGENT & BROKERAGE COMMISSION WITH EFFECT FROM RETORSEPECTIVELY FROM THE AY 2011-12.WHETHER SHARE BROKERAGE COMMISSION ATTRACTS THIS CLAUSE. OR I CAN PROCEED TO FILE U/S 44AD PRESUPT.INCOME @8% STILL.
THANKS A LOT FOR YOUR KIND ADVISE.....
HE IS INDIVIDUAL, TODAY I READ IN TAXGURU REGARDING NOT APPLICABLE INCOME IN THE NATURE OF COMMISSION AGENT & BROKERAGE COMMISSION WITH EFFECT FROM RETORSEPECTIVELY FROM THE AY 2011-12.WHETHER SHARE BROKERAGE COMMISSION ATTRACTS THIS CLAUSE. OR I CAN PROCEED TO FILE U/S 44AD PRESUPT.INCOME @8% STILL.
THANKS A LOT FOR YOUR KIND ADVISE.....
31 March 2012
Sory for late reply but it is true. ammendment has been made section is not apply to following peoples:
1. Professional
2. Peoples earning income from commsiion and brokrage.
3. In case of Agency business.
1. Professional
2. Peoples earning income from commsiion and brokrage.
3. In case of Agency business.
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