Hello,
A Partnership Firm is engaged in Estate Agency Business. Is it a Profession or Business as per Sec 44AD? Is the audit limit Rs.1 crore or Rs.25 lacs?
4 Replies
GAUTAM SHARMA
(Audit Assistant)
(353 Points)
Replied 02 January 2014
it's a business.limit of 1 crore will be applicable
CA KARAN MAINI
(Practising CA)
(106 Points)
Replied 02 January 2014
Yes its a agency business. The distinguishment between business and profession can be resolved by reading sec. 44AA explanation about the list of professionals and also notifications issued by CBDT clarifing the sports persons ,event mngt. Services as professional services. Sec. 44AD shall not apply to professionals, agency business ,LLP & commission or brokerage business.
CA Shivshankar Gupta
(B.Com CS FCA LLB DISA )
(325 Points)
Replied 03 January 2014
A profession is mainly carried out by individual possessing required qualification.
In case of business no specific qualification is required whether carried by corporate or non corporate
hiralalsuthar
(artilce)
(31 Points)
Replied 03 January 2014
In professional includes only any work doing require a qualification skill in specific business. Like advocate ca cs cma architecture doctors etc. They are holding knowledge with degree for specialization.
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