One of my client is an estate agent can he opt for sec 44AD????
Vinay Jaindani (184 Points)
27 July 2018One of my client is an estate agent can he opt for sec 44AD????
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166722 Points)
Replied 27 July 2018
No.......
Commission, brokerage, agency income etc. cannot be assessed u/s. 44AD.
Vinay Jaindani
(184 Points)
Replied 27 July 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166722 Points)
Replied 27 July 2018
Recently defective notice received by....
"In the Nature of Business I had selected "18009 - Medical suppliers, agencies and stores". Today I got a notice under 139(9) saying "the provisions of Sec.44AD are not applicable to persons carrying on any agency business.". But my firm is not a agency business. It is a retail medical store. Now it is clear that I have to select something else in "Nature of business".
Read more at: https://www.caclubindia.com/forum/business-code-for-a-medical-store-got-notice-under-139-9--475499.asp
Vinay Jaindani
(184 Points)
Replied 27 July 2018
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(166722 Points)
Replied 27 July 2018
It might not have been caught because of different nature of business code, otherwise defective notice would have been surity.....
In case you file ITR with correct code.... that is not going to revert to earlier ITR... (a person can change business activity!!)
santosh kumar
(Student)
(6 Points)
Replied 27 April 2020
I am having one client and the business is of as follows....
First he buys the property and if a party arrives for the property, he sells the same and encashes the profit. (What is this transaction called and and can i file his return under section 44AD)
Live class on PF & ESI Enrollment & Returns Filing(with recording)
CAclubindia
