It return of courier agency
Santosh Nalawade (Practice) (355 Points)
04 December 2015
can I file IT return of courier agency us 44ad. If not, how can I file the same.
4 Replies
CA Goutam Sharma
(Chartered Accountant in Practice)
(468 Points)
Replied 04 December 2015
No , 44AD and 44AE specifically prohibits Agency Business to be considerd under presumptive basis. You need to file ITR 4
CA Goutam Sharma
(Chartered Accountant in Practice)
(468 Points)
Replied 04 December 2015
No , 44AD and 44AE specifically prohibits Agency Business to be considerd under presumptive basis. You need to file ITR 4
Hitesh Khanna
(Accounting & Finance Taxation Company Law Audit )
(839 Points)
Replied 04 December 2015
You cannot file return u/s 44AD
CA Goutam Sharma
(Chartered Accountant in Practice)
(468 Points)
Replied 05 December 2015
Yes , Of course. Provided that their natur of Trade is not Retail Trade.
By Retail Trade, It means in common paralance, Purchasing in large Quantity and selling it in Small Quantities. When someone purchases, the risk gets transfered, Whereas in case of News Paper , remaining unsold, The Risk is either borne by The paper House or Shared between the agent and Paper House. In view of such sharing, It would no be appropriate to file return under 44AD
There is another Major Logic, In agency Business, the % of commission is known beforehand.. There arise no question of Presuming any rate under agency Business. Whereas in Retail Trade, The % of margin is not known. As generally retailers keep varrying their margin from product to product, customer to customer, taste to taste, fashion to fashion, can even sale at loss. Even at the end of a financial year, they only estimate their income, cannot exactly specify it. Further, It is an option to them, ie. if organised retailer like Big Bajar, Reliance one etc can specify their actual profit without considering the presumptive rate
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