Tarun Makhija (Chartered Accountant) (33 Points)
12 November 2011hii 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
Mary Asha
(Chartered Accountant)
(112 Points)
Replied 12 November 2011
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...
CA Hardik Bunha
(self)
(2121 Points)
Replied 12 November 2011
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.
Tareq Imam
(CA LLB CISA DISA)
(170 Points)
Replied 24 December 2011
CAclubindia
