Go Ad-Free on CAclubindia with Daily Mobile Updates. Subscribe Now!

Applicability of s.44ad to agency business

Amit Vasant Dandekar (Finance Professional) (34 Points)

07 July 2016

One my client has Parle Products' Authorised Agency.His turnover is liable for audit.Will he has to show presumptive profit @ 8% if does not opt for audit?

Reply
Follow
Share

3 Replies

LASKHMANAN (CA in Practice) (29 Points)
Replied 07 July 2016

Section 44AD does not apply to agency business

Upgrade to CAclubindia Pro. Subscribe Now!

CA Harshal Totla (Chartered Accountant) (2229 Points)
Replied 07 July 2016

Section 44AD does not apply to following assessees ;
1)A person carrying on profession as referred u/s44AA(1)
2)A person carrying income in the nature of Commission or brokerage.
3)A person carrying on any agency business
4)A person who is in the business of plying , hiring or leasing goods carriages.
Hope this is clear