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.
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.
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.
CAclubindia
