hii friends..
i want to know that whether Sec.44AD is applicable for profession or not? and Making TV Programme and hand over to TV Channel is covered under bussiness or profession?
please answer my querries as soon as possible. and give suitable refrence in this regards.
Thanks
CA Tarun makhija
Section 2(36) Profession includes vocation i.e.., Activities of earning livelihood.. In your case Making TV programme falls u/s 28 as profession.. And sec 44AD is applicable to both business and profession.. This is completely based on my perspective,
Let the others state their views regarding this...
hi, section 44Ad of It act 1961 not applicable to profession.
In your case section 44AD will be applicable as u prepare program and had over to TV channel is one kind of sale. When filling return of income you have to state MANUFACTURING INDUSTRY. You have to maintain profit @ 8% of sale and provision of Advance Tax will be applicable u/s 234B and U/s 234C.
CAclubindia
